Life Tech Twitter to ban cryptocurrency advertising
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Twitter to ban cryptocurrency advertising

Twitter will ban most cryptocurrency ads, following Google and Facebook's response over recent fraud allegations. Photo: AAP
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Twitter will start banning cryptocurrency advertising from Tuesday, joining Facebook and Google in a clampdown that seeks to avoid giving publicity to potential fraud or large investor losses.

The prohibition will cover advertising of initial coin offerings (ICOs) – crowdfunding used to raise cash by creating new coins – as well as token sales, the San Francisco-based firm told Reuters on Monday.

The new policy, which will be rolled out over the next 30 days, will also ban ads by cryptocurrency exchanges and cryptocurrency wallet services, unless they are public companies listed on certain major stock markets.

For Japan, these will be limited to crypto exchanges regulated by its national financial regulator, Twitter said.

The firm had said this month it was taking measures to prevent crypto-related accounts from “engaging with others in a deceptive manner”, but faced calls to go further after bans from Facebook Inc and Alphabet Inc’s Google.

Facebook has restricted crypto-related adverts, while Google announced a ban that comes into force in June.

The price of bitcoin, already 4 percent in the red on Monday, fell further after the Twitter announcement.

It traded at $US7920 ($10300) on the Luxembourg-based Bitstamp exchange on Tuesday morning (AEDT), down more than 6 per cent on the day.

-Reuters