Two days ago, Sky News, a British news agency, published that Twitter was preparing to ban the ads related to the cryptocurrencies and initial coin offerings (ICOs) from its social network.
According to sources of Sky News, in the face of the uncertainty when it comes to regulating the cryptocurrency market, Twitter has decided to ban all the ads related to the ICOs, token sales and part of the ads related to the cryptocurrencies. This new policy should come into force in two weeks, according to Sky News.
Likewise, the news agency says Twitter could also ban the ads related to the cryptocurrency exchanges once the new policy is implemented. Nevertheless, it should be pointed out that the Twitter’s spokespeople have not confirmed nor denied the authenticity of this information.
Twitter is an important social network for the blockchain ecosystem because numerous discussions about cryptocurrencies and initial coin offerings are led on Twitter, as well as official announcements and promotions of new projects. There are also thieves on Twitter, who are trying to steal other people’s cryptocurrencies through phishing attacks or trying to get people to invest in non-existing, fraudulent activities and projects.
A ban of all the ads related to the cryptocurrencies and ICOs could present a major change in the dynamics of the cryptocommunity, because the community has been using Twitter for a long time to spread its ideas, opinions and present innovations. However, it is not likely the members of the ecosystem would stop using Twitter to discuss the blockchain technology because Twitter allows them to spread their opinions much better than through specialized forums such as Reddit or Bitcointalk.
The growing regulatory pressure related to the cryptocurrencies and especially to the ICOs, along with the presence of of conmen, made the social networks react. Jack Dorsey, the CEO of Twitter said at the beginning of this month the company would take actions to avoid the frauds related with the cryptocurrencies on the social network and the aforementioned decision to ban the ads related to the ecosystem could be part of these actions.
Several companies similar to Twitter made the decision to ban the ads related to the cryptocurrencies and ICOs, such as Facebook and Instagram. These two social networks introduced the ban at the ends of January. Last week, Google decided to restrict the ads related to the cryptocurrencies and ICOs in its search engine.