Twitter to Join Facebook & Google in Banning Selected ICO & Cryptocurrency Ads

Adtech All News All News Except Press Releases Crypto ICO

According to a report from Sky News, Twitter is expected to ban ICO advertising and most cryptocurrency exchange ads. Facebook was the first platform to make a major push against digital currency advertising, though there has been some speculation that the behemoth social media platform might release its own cryptocurrency or a possible partnership with Litecoin. Google followed suit shortly thereafter, with a commitment to end cryptocurrency advertising in June for advertisers who are not certified by Google as licensed financial services authorities for the countries in which they are advertising, among other requirements, and Twitter may be next in line.

According to Alexander J. Martin, Technology Reporter for Sky News, “Twitter is preparing to prohibit a range of cryptocurrency advertisements amid looming regulatory intervention in the sector.” According to the article, Twitter will implement these changes in two weeks, which include a ban on Initial Coin Offerings (ICOs), token sales, and cryptocurrency wallets, worldwide. This ban may also extend to cryptocurrency exchanges, with limited exceptions.

The Bank of England, the SEC, CFTC, and other government organizations no doubt contributed to the pressure on these social media platforms to cut advertising. Besides potential fraud committed by some bad actors, government agencies are using the usual fear tactics surrounding terrorist financing and money laundering as reasons for such crackdowns.

It is an absolute fact that there are some bad actors in the cryptocurrency space who take advantage of investors or who use the funds for purposes that are incompatible with the goals of various government organizations. And, it’s an absolute fact that credit cards, cash, corporations, governments, banks and the internet have also been used by some bad actors to rob people of their wealth and to engage in violence for greed-driven end goals. But it would be ridiculous to attempt to control any of these frameworks through force, and to expect a positive outcome.

It makes little sense to ban advertising from an entire industry, out of fear. It would make more sense for organizations like Twitter to instead implement standards for their advertising across all industries. A vetting process would make sense for all advertisers. Such standards could include proof of the real identities behind the companies posting such ads, and transparency requirements, such as disclaimers about any risks involved, when there are investment opportunities.

The reality however, is that industry-wide bans will go in place, and private organizations should absolutely be entitled to make their own rules for advertisers, allowing the free market to choose whether to continue using their services, or to look elsewhere. On a positive note, such bans may reduce the noise when considering new investments. Investors will need to spend a bit more time looking for opportunities, by searching Google, Youtube and other social media, as well as publications like Cash Tech News that do the heavy lifting for you, filtering through ICO offerings, for example,  and other articles. In the meantime, we can expect digital currency-related companies to explore workarounds, to get past advertising rules, and to explore other platforms to promote their wares.

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