In an attempt to lessen the risk of potential online fraud or large investor losses, Twitter Inc has announced to place a ban on cryptocurrency advertising. The clampdown on this industry was initially launched by Facebook and Google.
The restriction will cover advertising of initial coin offerings (ICOs), crowdfunding used to raise cash by creating new coins, as well as token sales and crypto-wallet services, the San-Francisco-based firm announced.
Earlier this month, Twitter had that it was taking measures to prevent crypto-related accounts from ‘engaging with others in a deceptive manner’. However, it faced calls to go further following the bans from Facebook Inc and Alphabet Inc’s Google.
Facebook has already restricted crypto-related advertisements, while Google announced earlier in March about a ban that comes into force in June. Regulators have stepped up warnings that bitcoin and other virtual currencies are highly speculative, some potentially fraudulent and that investors should be prepared to lose everything.