Earlier in the year, Facebook’s founder Mark Zuckerberg announced that crypto-related ads would be banned from its news feed, and ad platforms. Last week, rumors were confirmed that Google was following suit by updating its Financial services policies to include cryptocurrency-related content as part of its restrictions on their AdWords platform. Now, the second largest social media platform behind Facebook may be hopping on the bandwagon.
According to a new report by Sky News, Twitter will soon be rolling out an update to its policy that will block ads associated with cryptocurrency related content, such as ICOs, wallets, exchanges and much more. Sky News says that Twitter’s new advertising policy will be implemented in two weeks. The update to their policies only affect Twitter advertising, and not organic content.
Twitter has been under fire in recent weeks, due to an ongoing prevalence of cryptocurrency related scams plaguing the social media network. Imposters are posing as well-known influencers in the crypto community, such as Ethereum founder Vitalik “No I’m not giving away ETH” Buterin and Binance CEO Changpeng Zhao who also added “not giving crypto away” to his Twitter name, highlighting how poor Twitter has been able to deal with the scammers.
Twitter CEO Jack Dorsey, has also been in the news recently for his involvement with Lightning Labs. He launched a beta for Bitcoin’s Lightning Network, and has pledged that Twitter will crack down on the scams. It is not known at this time if Twitter’s investigation into the scams prompted putting crypto-related ads under the microscope as well, but the coincidental timing is suspect.
Twitter has denied to comment on the rumor, but we will be watching the space close to report as soon as Twitter either denies the rumors or officially updates their policies to target cryptocurrency ads.