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Twitter to ban cryptocurrency ads, joining Facebook, Google

Twitter to ban cryptocurrency ads, joining Facebook, Google

Twitter to ban cryptocurrency ads, joining Facebook, Google

Under the new policy, the advertisement of ICOs, or initial currency offerings, and token sales will be prohibited at the global one-to-many messaging platform.

Earlier this month, Twitter announced its plans to begin cracking down on cryptocurrency spam accounts. Its popularity, especially with millennials who make up a large part of crypto enthusiasts, makes it a crucial channel for many crypto-related products and services to reach their target audience.

According to reports, a new policy has been added for Twitter to ensure the safety of users in the community.

Zennon Kapron, director of financial consultancy Kapronasia, cited risks to Twitter itself as another motivator behind the ban.

The ban will not apply to cryptocurrency exchanges registered and licensed to operate by the Financial Services Agency (FSA), the country's financial regulator.

Twitter told Bloomberg that "We have added a new policy for Twitter Ads relating to a crypto-currency".

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Bitcoin fell nearly five percent on Monday to $8,062 on the Luxembourg-based Bitstamp exchange.

TWITTER on Monday announced a ban on ads for initial offerings of cryptocurrency or sales of virtual currency tokens, sending the value of bitcoin diving below US$8,000.

Facebook has also restricted ads publicising cryptocurrency.

Trey Ditto, CEO of Ditto a marketing firm that specializes in cryptocurrency, blockchain and ICOs, believes these blanket bans will be adjusted in the weeks to come with much more specific language around what is and isn't legal. "The biggest potential short-term catalyst is increased trading in South Korea as that government re-embraces crypto", he said.

The price of bitcoin is down more than half to around $8,000 (over R93,200) from a December peak of nearly $20,000 as fears of a regulatory clampdown spooked investors. The schemes have seen notable exchanges, and certain personalities from the crypto world like Binance's Changpen Zhao and Etherium founder Vitalik Buterin, impersonated on the service.

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