Twitter Confirms Cryptocurrency Ban
Following both YouTube and Facebook banning the advertisement of cryptocurrency adverts, it was always a question of who would next follow suit. As such, it came as little surprise when earlier this month we heard that they were considering joining them in a blanket ban.
Well, in a report via Metro, Twitter has finally announced that they have indeed rolled-out the ban.
Why the ban?
In recent months there have been a number of instances of fraudulent websites offering people the opportunity to buy cryptocurrencies. These are often promoted as ICO (initial coin offerings) on brand new currencies. It has, however, been found that many of these websites either offered bad investment advice or simply ran off with the money. It’s not as if the internet isn’t full of similar problems though.
With reputable companies such as YouTube (Google) and Facebook having come to this decision it clearly demonstrates the toxicity they feel surrounds them. Don’t forget that their ban means an end to that respective avenue of advert revenue. In fairness, I think this was the right decision and I’m not surprised Twitter has followed. It was, after all, only a matter of time before somebody decided to pursue legal action against them.
The future of new Cryptocurrencies
This does, of course, mean that new cryptocurrencies may have significant problems in promoting themselves. Additionally so for the exchanges commissioned to sell them. If the move continues on the few major social-media portals that continue to allow them, it could, if nothing else, spell the end of the glut of cryptocurrencies on offer. It’s certainly been a bumpy road for cryptocurrencies since the start of 2018.
What do you think? Surprised by the ban? Do you think these bans are simply knee-jerk reactions? – Let us know in the comments!
