Twitter Inc (NYSE:TWTR) is reportedly planning to forbid all the advertisements connected to the digital currencies. This will be the third social media firm to ban the cryptocurrency ads after Facebook and Google within a short period of time. According to Sky News, plans are already underway for Twitter to launch a policy that will block all the ads related to the virtual currency wallets, exchanges, promotions, initial offering and much more. Twitter declined to comment of the matter.
Twitter has become a popular social media forum for almost every group of people including terrorists and the cryptocurrency industry with companies and crypto enthusiasts promoting the virtual currencies especially the Bitcoin (BTC) that is leading the market despite the restrictions from regulators across the globe as well as the cybercrime attackers that threaten the existence of the cryptocurrency industry.
Google recently also followed the footsteps of Facebook by implementing a policy to eliminate all the cryptocurrency-related content and ads as part of the strategy to tackle the plague of crypto scammers on their platforms.
Facebook announced in January its intentions to block all the ads related to the cryptocurrencies following concerns from regulators and consumer watchdogs about the increasing number of misleading information by the crypto-related ads. Last week, Google also gave in by restricting crypto ads by June this year.
The move comes amid the heightened regulatory restrictions in the industry and the looming crypto scammers that are rendering the sector unsafe and quite risky for both individuals and business community.
Reddit is another social media platforms that have blocked the activities of the cryptocurrencies and token sales on its forums to support the restrictions imposed on the sector by a selection of regulators across the world. Some countries including China and South Korea have also entirely banned the initial token offerings and are also hunting down on the existing exchanges. The European Union announced recently that the regulations are on the way that would transform the sector.