Twitter Also To Ban Cryptocurrency-related Ads?

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Twitter is likely to follow Google and Facebook as it prepares to ban advertisements for cryptocurrencies and related products, according to Sky News. Cryptocurrencies, mainly bitcoin, continued their downward trend following the news.

As per the report, the social media platform may ban ads globally related to initial coin offerings or ICOs, most of cryptocurrency exchanges, token sales, as well as cryptocurrency wallets. The company will implement the new advertising policy in two weeks.

Cryptocurrency watcher Emin Gün Sirer in a Twitter post in early March 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.

Bloomberg on March 7 reported that Twitter was attempting to halt alleged cryptocurrency-related scams spreading through its platform. As per the report, Twitter was aware of cryptocurrency-related "manipulation," and is implementing measures to "prevent these types of accounts from engaging with others in a deceptive manner."

Amid concerns over illicit activities and regulatory actions, Google, the world's largest online ad provider, last week announced that it is prohibiting 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.

Facebook and Google also banned ads for binary options trading.

Bitcoin and other cryptocurrencies have been highly volatile of late with significant daily fluctuations in their prices as regulators and central banks around the world are trying to get a grip on the market.

According to Coinmarketcap, Bitcoin was trading at $8,253.82, down 7 percent over the last 24 hours. Ethereum, the second biggest cryprocurrency, declined 3.6 percent to $531.02; and Ripple fell 8.5 percent to $0.66.

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