In a bold move that parallels fellow internet giants Facebook and Google, Twitter has banned cryptocurrency ads, including ICOs and token sales.
The crackdown on cryptocurrencies reached a new level today as Twitter enacted an immediate ban on cryptocurrency ads for ICOs and token sales, but will leave exchange ads up for now. Bitcoin dropped below $8,000 when this news broke, continue its downward slump. It has lost over 60% of its value since it reached an all-time high in December.
Concerns over scams have corporations and consumers alike pondering the fate of the cryptocurrency boom. Google, Facebook, and Twitter are taking a cautious approach for the time being, and hope their efforts will protect their users from “pump and dump” schemes and worse.
Twitter, however, was the first to make the change immediate; giving advertisers no time to prepare. Google will be implementing the changes in June. This ban comes amid increased investigation and crackdown by the U.S Securities and Exchange Commission who has been sending out subpoenas to ICO teams under investigation for breaking securities regulations. The U.S. is not alone in cracking down, either, as several corporations and governments are looking into legalities surrounding digital currency, including taxation rates.
While Bitcoin (and others) took a hit, these bans don’t seem to be breaking the bank, so to speak, of ever emerging cryptocurrency opportunities.