Twitter Inc. will start banning cryptocurrency-related advertising from its website effective Tuesday, Reuters reported. Following the news, the value of bitcoin fell below $8000. Other major cryptocurencies were also on the decline.
The social media giant's new ad policy follows that of Google and Facebook in their efforts to crackdown scams to protect investors from fraud.
A Twitter spokesperson reportedly told CNBC, "We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally."
The digital currency, which started above $13,000 this year, was trading at $7,986.81, down 5 percent over the last 24 hours, according to Coinmarketcap. Ethereum, the second biggest cryprocurrency, declined 9.6 percent to $466.23; and Ripple fell 6.9 percent to $0.58.
Twitter's new policy to ban advertising for ICOs and token sales will be introduced over the course of the next 30 days. It will also include bans on selected cryptocurrency exchanges and wallet services.
Ads for crypto exchanges in Japan will be limited to those under the purview of the financial regulator in that country.
There were reports last week of upcoming ban of crypto-related ads by Twitter. The company was to implement the new advertising policy in two weeks.
Cryptocurrency watcher Emin Gün Sirer in a Twitter post in early March had pointed out the presence of scams on the site. "These scams are getting out of hand. @jack, @twitter, if you can't detect this kind of brazen scam, what hope do you have of improving your platform?" he asked.
Amid concerns over illicit activities and regulatory actions, Google, the world's largest online ad provider, had prohibited ads promoting cryptocurrencies and related content including ICOs, exchanges, and wallets from June.
Facebook Inc., the second largest ad provider, had taken a similar stance in January, banning all adverts promoting cryptocurrencies. The announcement was after the significant growth in adverts for cryptocurrency-related investments, most of which were feared to be scams.
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