Twitter is reportedly following the steps taken by Google and Facebook, and is set to similarly ban ads for cryptocurrencies and Initial Coin Offerings according to information gathered by Sky News. The ban could possibly start in two weeks as new advertising policies are planned to be implemented worldwide. Ads touting cryptocurrency wallets, token sales, and ICOs will be prohibited as well as cryptocurrency exchanges. Though Twitter has yet to officially confirm the ban, the social networking service has previously taken a similar move the past week when it removed fake accounts that purported to be from celebrities asking users to send in tiny quantities of cryptocurrencies. Cornell University professor and cryptocurrency investor Emin Gün Sirer posted a tweet early this week asking Twitter CEO Jack Dorsey about the future of the microblogging site considering the prevalence of scams on its platform, to which Dorsey replied that his company was “on it”.
Twitter also responded to The Verge when the latter asked if it was aware of such scam accounts proliferating and duping unsuspecting victims via deceptive strategies such as misspelling a popular account holder’s name or using the same avatar of a personality’s verified account. The company declared that it is indeed aware of such manipulative tactics and is “proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner.”
The popularity of cryptocurrencies has made it a minefield amongst fraudsters looking to cash in on people’s attraction towards it. Google and Facebook announced its ban of ads promoting binary options trading after information from Action Fraud, the national fraud and cyber crime reporting centre of UK, revealed that the losses of its victims in the last six years have increased by 400,000%. The Federal Trade Commission has also ceased the operations of four people engaged in the promotion of cryptocurrency scams in social media sites and YouTube.