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Whiles experts and analysts stress on the need to prioritize cryptocurrencies with good regulations, social networks are banning ads promoting Bitcoin on their platforms. Following the popularity and the fortune that comes with Bitcoin, people have been displaying bitcoin-related ads on media platform which earns them some additional bitcoin income.

With millions of people having accounts on various social networks, advertising bitcoins on social networks was going to help people come to the knowledge of it and also help users who want to invest in the cryptocurrency. However, some people seem to have taken this opportunity for a ride by promoting ads that lead users into the hands of scammers. To protect their users, media companies have devised ways to end this course by banning ads that promote bitcoin.

Twitter is following the footsteps of Facebook and Google in blocking cryptocurrency ads. This was made known when the company spoke to the Verge, an American technology news media network operated by Vox media. Rumors had already started circulating a week ago that Twitter was going to take action against bitcoin ads.

It came to the notice of the company that there were accounts purposefully created to request for cryptocurrency exchanges and also those that impersonated famous celebrities like Elon Musk, John McAfee and Vitalik Buterin. This development prompted the company to remove such accounts earlier this month.

We are committed to ensuring the safety of the twitter community. As such, we have added a new policy for twitter from ads relating to cryptocurrency”.

The company continued by saying that under the new policy, the advertisement of Initial CoinOfferings (ICOs) and tokens will be stopped globally. Despite the fact that the CEO believes that Bitcoin is the future of finance, Twitter has devised new policies to curb platforms that encourage fraud and deception as people use cryptocurrencies on Twitter.

This is due to the number of unscrupulous individuals trying to take advantage of all the money running through the system. There have been various attacks on crypto wallets and exchanges which have cost users of the platform to lose a huge amount of cash in both fiat and digital currency.

Advertising cryptocurrencies on social media involves using ads that attract users and often make claims that will make people expect good returns. Twitter creates the avenue for such ads giving scammers the opportunity to fraud its users. Banning these ad prevents users from being exposed to these scams.

Twitter updated its policy page yesterday, unveiling the new ban today and reach everyone in the next 30 days. The company said they will fully enforce this new policy among all the various advertisers within a period of one month.

Facebook Took a Similar Step to ban bitcoin ad

Not long ago, Facebook banned all ads that were promoting the use of cryptocurrencies which included bitcoin. The ban was issued in an attempt to stop people from advertising what the company referred to as “financial products and services frequently associated with misleading or deceptive promotional practice”. This prevented advertisers from promoting anything that had something to do with bitcoins and other cryptocurrencies including Initial Coin Offerings. This led to the argument that the banning of cryptocurrency ads was unfair, especially to legitimate investors and entrepreneurs who were into the cryptocurrency.

Facebook took on this policy in order to help detect fake and advertising practices that mislead their users.

This was also to help and prevent people from losing lots of money due to the fluctuations associated with it and causing people to gamble with their investments.

Google Banned Crypto-Ads

Google realized how many scammers were using ads to steal from their network users and decided to also ban any ad associated with cryptocurrencies.

In June 2017, Google made the effort to ban any cryptocurrency related content from its AdWords platform.  Just like Facebook, this was to prevent their users from becoming victims to cryptocurrency scam ads and also investing in fake initial coin offers ICOs.

New policies were included recently to address ads in unregulated financial products like bitcoin and other cryptocurrencies.

The banning of cryptocurrency advertisement started when concerns were raised that scammers were using online ads to locate victims willing to part with their money for today’s Dutch tulip auctions.

Join the conversation over at Telegram (https://t.me/coinstaker)

Image from www.rt.com

 

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