Facebook and Google have already cracked down on ads for cryptocurrency-related products, and it appears that Twitter may soon join them. Sources have told Sky claiming that the company will institute a worldwide ban against ads for initial coin offerings, token sales and cryptocurrency wallets within the next two weeks. In addition, the social network might also put a ban on ads for cryptocurrency exchanges with “some limited exceptions,” according to the leak.
Sources didn’t provide any reasoning as to why Twitter is doing this, but it’s highly likely that the company is following the same reasoning as other companies: it doesn’t want to knowingly put users at risk.
Many of the ICOs and token sales have uncertain prospects, and in some cases are the take-the-money-and-run scams, so Twitter initiating these bans would make sense to protect users. Adding into the mix are hackers and their threats, investors have a high chance of losing their money.
More regulations for cryptocurrency and the like are in the works, but companies like Google, Twitter and others continue to face increased pressure to protect their users from the crypto market that’s running wild.