Twitter announces a ban on Cryptocurrency ads

Twitter, the online news and social networking company announced a ban on ads for initial offerings of Cryptocurrency or sales of virtual currency tokens this week.

After the announcement, the value of Bitcoin dropped below US$8k.

Twitter follows Google and Facebook, which have already announced their decision to ban cryptocurrency ads on their websites. The companies pointed out that the measure comes from a desire to protect users from misleading opportunities.

Twitter said in a statement: “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.”

The new policy establishes that the advertisement of ICOs and token sales will be banned. “We know that this type of content is often associated with deception and fraud, both organic and paid, and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner,” said Twitter.

The value of Bitcoin dropped eight percent to US$7929 after the ad ban was announced. The social media platform is planning on modifying the ad policy as the digital currency market evolves.