Just when you thought the cryptocurrency market had taken all the hits it could take, it has been reported that Twitter could be the latest to ban cryptocurrency adverts. This ban could take place in just two weeks and would block adverts for ICO’s, token sales and cryptocurrency wallets. On top of this, it could also issue a ban on ads for cryptocurrency exchanges as well.
The Twitter CEO, Jack Dorsey dropped hints of the ban when it was brought to his attention regarding the high number of cryptocurrency scams on the site. Although the scams were in relation to fake bot accounts, they are the last platform to have broad advertisements for cryptocurrencies and projects related to them.
Facebook and Google have both imposed bans on cryptocurrency advertisements. This along with the new regulations that have been introduced around the globe, it has been a tough time for the virtual currency market. The aforementioned platforms use primarily automated systems to screen their ads, which makes it harder to prevent misrepresentation. When you consider that nearly half of the ICO’s in 2017 collapsed within months with the founders simply disappearing with the money that was raised, it becomes easier to see why major platforms are not happy about advertising them on their sites, particularly when they cannot be regulated.
Social media, including Facebook, Twitter, and Google’s YouTube video platform, have previously been major channels for advertising these projects, and it is expected that these bans will have an effect on cryptocurrency projects. That said, experts believe that the impact of these will be limited, focused more on individual ambassadors or early investors, along with ‘pump and dump’ accounts, who notoriously manipulate the already volatile market.
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