Twitter has finally confirmed that it is banning cryptocurrency ads on its social media platform.
The tech giant while talking to Reuters revealed that starting today they will put a ban on cryptocurrency ads publicizing initial coin offerings (ICOs) and token sales. The company has finally joined the ranks of Facebook and Google in the crackdown against crypto ads.
Last week, media report already revealed that the policy is in the work and will be implemented in the coming two months. The new policy will be rolled out in the next 30 days.
The banned ads also include cryptocurrency exchanges and cryptocurrency wallet services, unless they are public companies which are listed on various major stock markets around the world.
As cryptocurrency is legal in Japan, Twitter will allow crypto exchanges regulated by its national financial regulator to promote themselves on the social media platform.
The three tech giants have banned cryptocurrency ads to keep their users away from the deceiving and misleading advertising on their platforms. Earlier in February, a Twitter Bitcoin scam duped hundreds of Twitter users to collect thousands of dollars worth cryptocurrency.
It is a quite interesting move by Twitter as it is no hidden fact that Jack Dorsey, the co-founder, and CEO of Twitter is a big fan of cryptocurrency especially bitcoin and sees it becoming one global currency in the future.