Following a similar pattern, now a microblogging platform, Twitter is soon going to ban a range of cryptocurrency advertisements. The news comes from Sky News and the ban is likely to be implemented within two weeks on ICOs, Token sales and cryptocurrency wallets.
The move came after the Facebook’s crypto ad ban in January and the Google’s crypto ad ban on Wednesday. The primary reason for the move is the online fraud in which many fake companies come with their crowdfunding and lending programs and loot people of their valuable money. The online fraud has increased significantly since last year and all the big social media platforms have taken a step to control the unregulated currencies.
The whole crypto market is already going through a wrath of regulation scrutiny and steps like advertisement ban have added to the woes. This week Bitcoin has plunged 20% downwards and same is the case for Altcoins too. Ripple dipped a whopping 30% in seven days leaving people in shattered with the loss.
However, experts believe that the ban could be a good thing for the crypto industry in the long run. The ban is likely to bring in confidence in traders after fake ICOs wouldn’t be able to find an easy way into the market.
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Source: Sky News