Twitter Follows FB, Mulls Banning Cryptocurrency Ads

Twitter Follows FB, Mulls Banning Cryptocurrency Ads

Twitter may put a stop on advertisements related to cryptocurrency, Initial Coin Offerings and token sales. Notably, Facebook and Google have already implemented this. As reported on Monday by Sky News, this policy will be in action in upcoming two weeks.

The Director of Sustainable Ads for Google, Scott Spencer announced that Google has carried out modification to some of the policies to affect commercials related to financial products which are based on speculation and are not regulated like cryptocurrency, markets for Forex and binary options. These regulations will come into effect from June.

In an announcement, Google stated that they will be making changes to the policies related to financial services to control the ads related to rolling spot forex, financial spread betting and CFDs. It is important to note here that Google closely follows the content of the advertisements delivered by them and they removed close to 3.2 billion advertisements which were not in accordance with its policies related to advertising. Close to 79 million ads were stopped by Google which were intending to lead people to sites filled with malware. Additionally, 400,000 unsafe sites were gotten rid of by Google in 2017.

In a similar move, Facebook put a ban on all the commercials boosting cryptocurrencies, which included Initial Coin Offerings and cryptocurrency pioneer Bitcoin. Facebook announced that the new policy will put a stop to the advertisements that are trying to give a boost to the financial products as well as services that use shoddy ways for promotion. Facebook also added that they are looking forward to the users getting aware and informed of new products and services via Facebook ads, but without having to worry about getting deceived or scammed.

Facebook Product Management Director, Rob Leathern said in a statement that there are a lot of companies who are carrying out promotion of cryptocurrencies which are not harboring honest intentions.