If these unconfirmed news is anything to go by then its doom for cryptocurrencies advertisement. According a Sky News report, the social media giant, Twitter, plans to ban cryptocurrency related advertisement within the next 2 weeks.
The new ad policy will directly affect all Twitter global advertisements relating to Initial Coin Offerings, coin wallets and any form of token sales. Cryptocurrency exchanges that flout Twitter’s ad rules will also not be spared.
Taking Cue from Google and Facebook
Even though Twitter is yet to confirm these reports, it will come as no surprise and comes hot on heels after Facebook and Google ban on cryptocurrency adverts. Facebook were the first, implementing their ban in late January while Google will effect theirs by June 2018. That’s in line with their Financial Services procedures as they hope to counter ICO frauds.
Of late, the social media giant has been a hotspot of fake accounts. Here, scammers posing as Bitcoin and cryptocurrency influencers promise free crypto giveaways fleecing unsuspecting investors.
Increasing Calls of Regulation
It comes as no surprise. Sector leaders are increasingly calling for regulation to streamline this nascent industry.Mark Carney, the Bank of England chairman thinks regulation is the only way to curb increasing theft, money laundering and terrorist financing.
Earlier this month he said:
“There are issues for authorities who deal with money laundering, terrorist financing and price fixing. There have been a number of incidents of theft – not just big crimes but also steady thefts from people’s wallets.”
During WEP in Davos, Phillip Hammond and UK Premier’s Theresa May were in the forefront advocating for global regulatory intervention. This is despite acknowledging the importance of blockchain and how revolutionary it is.