Twitter to start banning cryptocurrency ads, joining Google and Facebook

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As it turns out, that isn't the only thing Twitter is going to do to cut back on the amount of cryptocurrency spam on its platform, as it will soon be restricting certain ads as well.

"Advertisement of ICOs and token sales will be prohibited globally", a Twitter spokesperson said in a statement.

Twitter's new policy falls right alongside the likes of Google and Facebook who have announced their own curbs on crypto-related advertising.

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After Facebook and Google, Twitter is planning to ban the cryptocurrency ads online.

Twitter said this month it was taking measures to prevent crypto-related accounts from "engaging with others in a deceptive manner", but had faced calls to go further after bans from Facebook and Alphabet Inc's Google. Considering the dodgy image of bitcoins and ICOs, it doesn't come as a surprise that giants in this space want to avoid giving publicity to potential fraud or large investor losses. For Japan, advertisements governing banking, securities, foreign exchange, virtual currency exchange trading and insurance must be authorized by the Financial Services Agency.

Twitter planned to modify its ad policy as the digital currency market evolves, as well as its ability to distinguish dubious marketing messages.

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The value of bitcoin dropped eight percent to $7929, after the Twitter ad ban was announced, based on market data from Bloomberg.

The price of bitcoin is down more than half to around $8,000 (over R93,200) from a December peak of nearly $20,000 as fears of a regulatory clampdown spooked investors. Bitcoin approached the $8,000 level today and has decreased in value dramatically since December when it hit an all-time high of $20,000.

The rare announcement sent Facebook's stock tumbling - at one point Monday morning down more than 6 percent - as the company faced potential new punishment by the US government, including fines that could reach well into the millions of dollars.

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Additionally, Facebook, Google, and Twitter are not the only companies that may have grossly exploited users' data or may have done a poor job of protecting users' data when sharing it with their advertisers or other third-parties.