Twitter is preparing to prohibit a range of cryptocurrency ads amid looming regulatory intervention in the sector
Alexander J. Martin | Sky News
The microblogging platform is following similar moves by Facebook and Google which have restricted financial advertisements due to concerns about illicit activities.
Sky News understands that the new advertising policy will be implemented in two weeks and currently stands to prohibit advertisements for initial coin offerings (ICOs), token sales, and cryptocurrency wallets globally.
Twitter may also ban all ads for cryptocurrency exchanges, with some limited exceptions, when the policy is launched.
It follows an announcement by Facebook in January that it would begin prohibiting ads that promote financial products and services which are “frequently associated with misleading or deceptive promotional activities.”
On Wednesday, Google announced it too would begin restricting ads for cryptocurrencies and related content, including initial coin offerings, cryptocurrency exchanges, wallets and trading advice services.
Both Facebook and Google also banned ads for binary options trading following the release of figures from Action Fraud that showed victims’ losses in Britain have risen by 400,000% in six years.
Earlier this month, Mark Carney, the governor of the Bank of England, warned Sky News that cryptocurrencies faced a regulatory crackdown, stating that the time had come to “regulate elements of the crypto-asset ecosystem to combat illicit activities.”