Twitter to join Facebook and Google in cryptocurrency ad ban
Adding to the cryptocurrency ad ban, it’s rumoured that Twitter will be joining Google and Facebook in prohibiting many types of advertisement associated with cryptocurrency and ICOs.
As Sky News reports, Twitter is considering a large scale changes to its advertising policy which would limit advertising for ICOs, crypto wallets and token exchanges.
The news about Twitter joining the ad-ban party comes as a bit of a surprise as its current CEO is Jack Dorsey, a significant investor in cryptocurrency. In particular, the recently launched Lightning Network Daemon has received significant funding from Dorsey. Knowing this then, one might think that he’d want to protect the market value of cryptocurrency. Instead, this news, compounding on Google’s impeding ban has seen the value of Bitcoin drop to below $8,000, Ethereum also has dropped almost 14% and almost all altcoins have dropped 5-10%, at the time of writing.
However, the reasons behind the ban are largely around consumer protection. Perhaps no coincidence, earlier this week Dorsey and other senior officials at Twitter took part in a livestream answering user questions about safety and security on Twitter. The platform has been plagued with accusations of harbouring fake news communities and allowing cyberbullying to take place. One standout part of the conversation in the livestream was about user verification which ultimately would quell most bots and scam accounts.
Thousands of people have certainly been scammed by fake ICOs and propositions promoted via Twitter advertising. According to SkyNews, even many cryptocurrency exchanges will have their ads banned but there will be some exceptions. No doubt this is where user verification will come into play perhaps more heavily.
While in the longterm these bans should work to squeeze out the ugly side of cryptocyrrency, the short term looks bleak.