Bitcoin Dips as Twitter Follows Google, Facebook in Ditching Cryptocurrency Ads

Twitter to start banning cryptocurrency ads, joining Google and Facebook

The move, which was announced today, will see Twitter ban ads for initial coin offerings and token sales in an attempt to curb the potential for fraud.

Going by the Bitcoin price reaction, cryptocurrency market showed resilience when Twitter enforced its ad ban. "Under this new policy, the advertisement of Initial Coin Offerings and token sales will be prohibited globally". "We will continue to iterate and improve upon this policy as the industry evolves". The ban will also include all ads related to cryptocurrency exchanges and wallet services, with a notable exception afforded to publicly listed companies listed on certain major stock markets, Reuters reports.

Twitter and Square CEO Jack Dorsey's belief in Bitcoin doesn't seem to extend to all crypto. Twitter says its new policies will help it ensure the safety of its users. For Japan, the restrictions will be limited to crypto exchanges regulated by its national financial regulator, Twitter said. However, if significant regulatory action is taken by the United States, the major cryptocurrencies could see a dramatic market decline. All advertisers will be affected by the new policy.

The firm had said this month it was taking measures to prevent crypto-related accounts from "engaging with others in a deceptive manner", but faced calls to go further after bans from Facebook Inc (FB.O) and Alphabet Inc's (GOOGL.O) Google. ICO advertising might have been an important source of revenue for the company, but the consequences of deceitful activities are not worth the risk.

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Advertising of cryptocurrencies has boomed as demand for investing in them soared, with everything from London's transport network to Japanese television featuring adverts for the virtual coins or ways to trade them.

Bitcoin is not the only cryptocurrency that has suffered a hit this year.

Bitcoin (BTC) was down around 8% following the news, according to Coincompare, dipping back below the $8,000 dollar mark after a brief spike overnight (UK) had sent it up over the $8,100 mark. According to web traffic tracker SimilarWeb, less than 1% of traffic on exchange websites comes from paid advertisements.

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