In an abrupt move that has now confirmed earlier rumors, popular microblogging service Twitter has officially followed in Google and Facebook’s footsteps by banning all initial coin offering (ICO) advertisement on its platform.
The company has confirmed that all advertisements depicting ICOs, token sales, cryptocurrency exchanges, and new token sales will immediately be removed from the site.
The bid comes as part of a wider move to ‘ensure the safety’ of Twitter’s community – the internet fixture has explained that “We have added a new policy for Twitter Ads relating to a cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.”
The news might come as a surprise to some, considering that Twitter CEO Jack Dorsey has been publicly bullish about Bitcoin’s prospects – and was recently revealed to be a leading investor behind the development of the Lightning Network.
For the most part, Twitter’s decision to ban cryptocurrency-related advertising is highly reminiscent of Facebook’s approach. In January this year, the embattled social media network confirmed that it would prohibit cryptocurrency-related adverts not just on its core platforms, but further through Instagram and its Audience Network.
Facebook, in particular, has remained open to revisiting its policy in the near future. At the time of its decision, a company spokesperson elaborated that the company’s new policy is “intentionally broad while we work to better detect deceptive and misleading advertising practices. We will revisit this policy and how we enforce it as our signals improve.”
Further afield, Google recently clarified that it will move to ban all advertisement of cryptocurrencies, ICOs, and exchanges on its advertising platforms from June, while popular messaging service Snapchat has similarly announced a ban on all ICO-related advertisement on its channels.
Twitter has recently cemented its stance by cracking down on user accounts associated with suspicious or illicit activity.