As such, we have added a new policy for Twitter Ads relating to cryptocurrency...
Twitter announced Monday it would ban advertising for cryptocurrencies, following similar bans by Google and Facebook to crack down on fraud in initial coin offerings. In fact, we may have Facebook and Google to thank for Twitter ramping up its fight against deceptive cryptocurrency practices, as it told Reuters it faced calls to do more after the other two companies announced their plans.
Bitcoin (BTC) was down around 8% following the news, according to Coincompare, dipping back below the $8,000 dollar mark after a brief spike overnight (UK) had sent it up over the $8,100 mark. It thereby joined Facebook and Google, which too had made a decision to block cryptocurrency-related ads on their platforms. The search giant said that it will restrict cryptocurrencies and related content (including but not limited to initial coin offerings, cryptocurrency exchanges, cryptocurrency wallets, and cryptocurrency trading advice). Facebook banned cryptocurrency ads in January and Google said it would outlaw such ads starting in June.
Other major digital ad platforms that have banned crypto ads include Alibaba, Baidu, Tencent and Oath, Yahoo's parent company.
Cboe Global Markets Inc, which was the first USA exchange to list Bitcoin futures previous year, continues to have plans to introduce more cryptocurrency-related products.
Comment on the Ads relevant to Cryptocurrency:
"Most crypto ads are scammy, so it's a good thing","Advertising is a means of communication with the users of a product or service".
However, some crypto experts such as Brian Kelly, the founder and CEO of BKCM, are convinced that the news is not significant and that the crypto market will not be hurt. Exceptions will be made for public companies listed on certain major stock markets.
This comes at a time when the cryptocurrency industry is battling high volatility, with Bitcoin going below the $8,000 mark again on Tuesday. "Anything actually useful in the crypto world does not like to pay for ads (would have to out-bid the scammers)".