Twitter May Ban Cryptocurrency Ads, Following Facebook and Google's Lead

According to reports, Jack Dorsey, the CEO of the social network company, gave some slight hints concerning the banning issue, while answering the provocative question about the high rate of scams involving digital currencies, especially Bitcoin.

The microblogging platform is following similar moves by Facebook and Google which have restricted financial advertisements due to concerns about illicit activities. In response, Twitter said it is implementing measures to stop such illicit activities, however, it was unknown how these measures would as actually work.

Twitter is preparing to prohibit a range of cryptocurrency advertisements amid looming regulatory intervention in the sector. The ban may take place in the coming two weeks and will forbid the advertising of ICOs, token sales, crypto wallets, as well as crypto exchanges.

The ban would also cover the entire global Twitter network, as well.

Twitter's tumble came as social media stocks overall were under pressure following widespread criticism of Facebook over reports that a data analysis firm hired by Donald Trump's presidential campaign misused the data of some 50 million users.

Micro-blogging site Twitter may follow its industry peers Google and Facebook to ban cryptocurrency ads on its platform in the following weeks. Mark Carney, FSB Chairman and Governor of Bank of England, wrote in a letter to G20 nations finance minister and central bankers, that the crypto market is "tiny" compared to the regulated financial ecosystem and does not pose any risk to financial stability.

Just about a week back search giant, Google informed the media that it will update its policies to ban ads for unregulated or speculative financial products like binary options, cryptocurrency, and financial spread betting among others. It is likely to include ICOs and token sale events as a minimum as they have drawn the most notoriety from regulatory over the past year.

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