Reports emerged that twitter will put a ban on ads promoting blockchain tokens and initial coin offerings (ICOs). The news is not yet confirmed but speculations reported that a source close to twitter shared the information anonymously. According to the report, the source did not give additional details as to when the ban will be implemented. However, this rumor refuels earlier speculations stating that the crypto-ad ban will begin in the coming two weeks.
Twitter did not yet release a confirmation statement concerning the speculated blockchain ad ban despite pressure from different news publications. However, rumors were circulating since February 9th and reported back then that the company was still deciding which position it would take against cryptocurrency ads back then. Nevertheless, all the hype of different media houses confirm that the decision has been taken to execute the ban.
Twitter is now following the likes of tech giants Facebook and Google in banning crypto ads in the name of protecting their respective communities from financial exploitation. Social media mammoth, Facebook first introduced a ban on crypto-currencies adverts back in January while Google announced last week that it would review its Financial Services policy and make sure their search engine platform would be crypto ads free by June of this year.
An analysis from ReCode states that crypto companies are now out of 70% of the world’s digital ad market when the bans of Facebook, Google, Alibaba, Baidu and Tencent are taken into account. This must be very hard to digest to current cryptocurrency companies and particularly those who recently stepped in that field. Especially those businesses looking to raise an ICO, a fundraising mechanism by those trying to finance blockchain projects.