Rumors that Twitter would ban crypto-related ads first surfaced earlier this month when Sky News reported the the microblogging site was planning a new advertising policy that is expected to come into effect in a couple weeks. "As such we have added a new policy for Twitter Ads relating to cryptocurrency", they said. During the beginning of March, Google updated their financial services policy to include restrictions on digital currency promotion. The ban extended to YouTube, which is owned by Alphabet, Google's parent company. Aligning itself with other major companies like Facebook and Google, Twitter has taken the stand to protect its users from being duped.
"This policy is intentionally broad while we work to better detect deceptive and misleading advertising practices".
Twitter planned to modify its ad policy as the digital currency market evolves, as well as its ability to distinguish dubious marketing messages. Hyping up cryptocurrencies and creating pump and dump schemes via online social media like Twitter and Telegram has been one of the main strategies that some individuals use to generate quick profits on the crypto market. Its popularity, especially with millennials who make up a large part of crypto enthusiasts, makes it a crucial channel for many crypto-related products and services to reach their target audience.
"... the biggest potential short-term catalyst is increased trading in South Korea as that government re-embraces crypto".
The ban by Twitter has a few exceptions.
Also, adverts that promote token sales and crypto wallet services, the company said in a statement. Regardless of the move, the main source of worry for the crypto industry on Twitter have been fake accounts.
A few days ago, Twitter and Square CEO Jack Dorsey said that the Bitcoin would become the only global currency within the next decade.