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Twitter set to ban cryptocurrency adverts

(Image credit: Image Credit: Anthony Correia / Shutterstock)

Twitter seems to be next in line to ban ads related to cryptocurrency, reports have claimed.

After both Google and Facebook announced similar moves, Twitter is saying it is considering banning adverts related to initial coin offerings (ICOs), token sales and cryptocurrency wallets.

Exchanges may also face the ad ban, but for the time being, Twitter is only focusing on the things mentioned above.

Earlier this year, Facebook announced that it will start banning ads that promote financial products or services "frequently associated with misleading or deceptive promotional activities", and Google followed suit last week.

The crypto community has mostly welcomed this initiative, saying that there have been too many scams and other illegal activities that weren't really helping the industry.

Despite the overall positive image these moves have had, prices of virtually all cryptocurrencies have been sliding in the past few weeks. Besides news of the ban on ads, prices have also been affected by the IRS' recent comments that crypto traders are liable to capital gains taxes, as well as by the announced talks about crypto at the G20 summit, where an overall negative stance was expected.

Prices have been bouncing back after what were a pretty rough couple of weeks. At the time of writing, the price of Bitcoin stands at $8,361, Ethereum at $536 and Ripple and $0.66.

Image Credit: Anthony Correia / Shutterstock

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.