The cryptocurrency market was dealt a heavy blow in the form of advertising today when yet another massive player in the online advertising world announced that it would ban advertising of ICOs or any other crypto-related topic. Today, we’ll talk about Twitter’s announcement of the ban on cryptocurrency related advertising, why this is such a big hit to the cryptocurrency space, and what we’ll be watching for ahead.
Twitter Announces Ban On Cryptocurrency Advertising
Twitter announced today that it will be banning advertisements associated with ICOs. Starting today, March 27, 2018, Twitter will no longer accept advertisements from cryptocurrency-related companies. In a statement, a Twitter spokesperson had the following to offer with regard to the company’s decision to ban these types of advertisements:
We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.
Unfortunately, ICOs have gotten a bit of a bad reputation as of late. The reality is that the unregulated nature of ICOs have turned this fund raising model into an ATM for many. This free for all in the cryptocurrency-related fund raising space is leading to massive losses for investors that are putting their faith in blockchain technology that in some cases, doesn’t even exist. While regulators are scrambling to find a way to regulate the industry, scams continue to run rampant. As a result, major players in online advertising, including Google, Facebook, and now Twitter, are opting to cut these companies off at the source by blocking their ability to advertise on some of the world’s most popular platforms.
This Is A Big Hit To The Cryptocurrency Space
At the end of the day, when massive platforms like Google, Facebook, and Twitter all make the decision to stop accepting money from an entire industry, it’s for a good reason. Think about it. Each one of these companies has a fiduciary obligation to generate growth for shareholders. Turning down money isn’t something they are known for doing. Nonetheless, it is also important for these companies to protect their users in order to maintain their strong reputations. So, in this case, Facebook, Twitter and Google have decided that it is more advantageous for their companies to turn down the dollars in order to keep their reputations clean. That’s a pretty big statement against ICOs and the scams that are taking place in the space every day.
What We’ll Be Watching For Ahead
Moving forward, the Crypto Scam Sniffer team, also known as Scout the Scam Sniffer, will continue to dig through the cryptocurrency space in an effort to uncover scams in the industry and protect investors and cryptocurrency enthusiasts.
Do you know of a cryptocurrency related scam? Throw Scout a bone!