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| Twitter headquarters |
The San-Francisco based company said that it would introduce a policy prohibiting the advertisement of Initial Coin Offerings (ICOs) and sales of the token. It will also only allow advertising from cryptocurrency exchanges and online cryptocurrency wallet services that are listed publicly on "certain major stock markets", it added.
The ban will be rolled out starting Tuesday 27th March 2018 and will be full enforceable for all advertisers within about a month.
The bans are blows to the nascent market for digital coins but are implemented in the name of consumer protection. Bitcoin and other cryptocurrencies struggle with fraudulent activity and illegal transactions. Because digital coin exchanges are still unregulated and transactions are hard to reverse, they have become targets for scams and hacks.
Earlier this year,, large cryptocurrency exchange Krahen and Vitalik Buterin, the founder of Ethereum, issued warnings that they were being imitated on Twitter by fraudsters making fake promotions.
"We are committed to ensuring the safety of the Twitter community," Twitter said in a statement on Monday. "As such, we have added a new policy for Twitter Ads relating to cryptocurrency. we will continue to iterate and improve upon this policy a the industry evolves."
Meanwhile, on the same day as the news of Twitter's new crypto ban broke, the price of Bitcoin fell by 6% to $7,950.
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