Twitter joins Facebook, Google in banning crypto ICO ads
Twitter has updated its financial services ads policies to reflect the revised user guidelines and amendments.
Social media platform Twitter will prohibit the advertisement of cryptocurrency initial coin offerings (ICOs) and token sales, following in the footsteps of fellow networking giant Facebook and global tech company Google.
Twitter has updated its financial services ads policies to reflect these amendments and changes.
“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 company said in a recently released statement. “Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.”
Twitter’s revised policy states that any advertisement for financial products and services must be compatible with all applicable law, providing necessary disclosures and balanced information of risks and benefits. The ads must also be clearly identified as financial services and indicate their nature and types of services offered.
The company will officially implement these new advertising regulations beginning tomorrow. Facebook’s ban is already in place, while Google’s restrictions will be enforced from June this year. However, Google also revealed that it was creating blockchain technology to underpin and differentiate its expanding cloud business.
Earlier this month, Twitter began removing fake accounts that attempt to solicit cryptocurrency investors by impersonating figures such as Tesla chief Elon Musk, John McAfee, and Ethereum co-founder Vitalik Buterin.
Although the cryptocurrency craze caught fire in the last few months, the industry has already been a decade in the making. Twitter chief executive Jack Dorsey has claimed that the world’s most popular digital currency, bitcoin, is poised to surpass the dollar and become the leading international currency for the virtual world.
Finance ministers and central bank governors at the G20 Summit last week declared that they don’t consider cryptocurrencies to be currencies at all, but rather assets, calling for continued monitoring and reviews. The Organization for Economic Co-operation and Development (OECD) told the G20 that international tax regulations must be examined and adjusted to encompass cryptocurrencies and associated technologies.
Yahoo Japan will reportedly purchase a 40% stake in BitARG Exchange Tokyo next month, via a subsidiary, in order to take advantage of the company’s technology and construct its own cryptocurrency exchange.
During a recent conference, Deutsche Bank president Marcus Schenck revealed that there is a hypothesis that traditional bank accounts may be phased out over the next 20 years, to be replaced by digital wallets.
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.