Twitter will make it hard for fraudsters to perform deceptive activities by blocking cryptocurrency ads on its platform. The ban will generally target advertisements of initial coin offerings (ICOs), token sales, and crypto wallet services. The ban also covers crypto-exchanges, though it is expected to be slightly less rigid compared to the restriction for the other crypto ad. categories.
In particular, ICOs are used by startups to raise funds for a new cryptocurrency without having to go through the rigorous process of capital-raising required by venture capitalists or financial institutions. This offerings can be interesting for developers looking to raise money quickly as they cut out intermediary parties, potentially cutting the time of launch compared to traditional funds.
The ban appears after Jack Dorsey, the company CEO said Bitcoin will be the future single global currency in 10 years time. Also it follows similar action taken by other tech giants against crypto ads. Earlier, Facebook started a ban on ads for cryptocurrencies, ICOs, and binary options in January, describing these practices as deceptive methods of promotion. After that Google announced it will change the types of ads that will be allowed on its network as part of a broader crackdown on cryptocurrencies.