While Twitter has in recent weeks been slower to act in comparison to its peers – where the likes of Facebook and Google recently blacklisted all cryptocurrency-related advertisement on their platforms and distribution networks – the service is now reportedly considering its own such ban.
According to Sky News, Twitter is reportedly considering a full-blown ban on all cryptocurrency-related advertising that would come into effect within the next two weeks.
Sky News claims that the “new advertising policy will be implemented in two weeks and currently stands to prohibit advertisements for Initial Coin Offerings (ICOs), token sales, and cryptocurrency wallets globally.”
The move would apparently be geared to curb the spread of fake, fraudulent, or hacked Twitter accounts seeking to elicit funds from genuinely interested cryptocurrency investors.
Just recently, Verge’s official Twitter account suffered through a hack where attackers created the bogus claim that over 1 billion XVG had been stolen.
Twitter has previously attempted to reign-in cryptocurrency scam accounts by issuing account suspensions and bans, though the move has been far from effective – both genuine and fraudulent Twitter accounts saw their capabilities curtailed, where one notable example saw the accounts of the (legitimate) support team for cryptocurrency exchange Kraken suspended without warning.
Twitter, of course, would join fellow internet giants Facebook and Google if it elected to proceed with a ban on cryptocurrency related advertising.
Facebook’s head of product management, Rob Leathern, recently opined that the social network’s restrictive new policies were “intentionally broad”, and that the company will ‘revisit’ the policy in the near future.
While Google has not yet issued further clarity to its abrupt change in advertising policy, the company has made the move amidst increasing pressure from US regulators to crack down on dubious ICO projects as well as renewed emphasis on adherence to tax legislation.
Google will continue to offer a certification program for advertisers who agree to comply with their financial services policy, though the ambiguous legal structure surrounding cryptocurrencies in the United States might make such an endeavor a complex legal undertaking.
We’ll update this story as news develops.