Twitter to follow Google and Facebook in banning bitcoin ads

Twitter is reportedly poised to ban adverts for cryptocurrencies such as bitcoin, following the recent introduction of similar policies by Facebook and Google.

According to Sky News, the social network will introduce a new advertising policy within the next two weeks that prohibits ads for initial coin offerings (ICOs), digital token sales and wallets to store cryptocurrencies.

Twitter may also ban adverts for cryptocurrency exchanges, the news site reports, although there would probably be “some exceptions”.

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While Sky sources didn’t reveal why the Twitter is reportedly planning the policy change, Engadget says it seems likely that the social media giant “doesn't want to knowingly put users at risk”.

A number of cryptocurrency enhances and ICOs “have uncertain prospects”, the website says. In worst-case scenarios, digital coins offerings and sales can be “take-the-money-and-run scams”.

The unconfirmed move follows Google’s decision, announced last week, to ban adverts relating to cryptocurrencies on its ad network, Gizmodo reports.

Facebook axed virtual currency adverts from its site in January, the site says, while chat forum Reddit has also decided to introduce similar advertising guidelines.

Twitter’s new ad policy would not be the first step in the company’s programme to limit its users exposure to cryptocurrency scams, The Verge says.

The social media site is also planning to crack down on accounts set up by scammers who pose as celebrities and ask followers to send them small sums of virtual currencies, promising bigger returns, the website says.