As reported by Sky News, Twitter is the next in line of the social media giants to impose a ban or at least critically limit cryptocurrency-related advertisements on their platform. The main source of this information was not disclosed in the Skey News report, but it seems very likely that Twitter would follow the pattern set by Google and Facebook.
It was stated in the report that wallet providers, ICOs, and perhaps a majority of cryptocurrency exchanges would be banned from placing their ads on the Twitter platform. Twitter is a major hub for the review as well as the promotion of cryptocurrency and blockchain technology, and it will be intriguing if that will change if the reports turn out to be true. Twitter has not yet made any remark on the matter.
The social media platform has been dealing with extensive fraudulent tweets trying to steal digital coins from naive users. Impersonators usually appear in the replies to tweets made by famous figures such as Ethereum founder Vitalik Buterin and ‘Binance’ CEO Zhao Changpeng, promoting fraudulent giveaways. These impersonators are well-coordinated and have many fake accounts replying to their tweets to make it seem more legit.
A Twitter user, Emin Gün Sirer said: “These scams are getting out of hand. @jack, @twitter, if you can’t detect this kind of brazen scam, what hope do you have of improving your platform?”
Twitter co-founder Jack Dorsey replied to the Tweet by saying the company is aware of the situation and is working to fix it.
The crackdown on digital currency ads from Facebook and Google was mostly seen as a negative step by the cryptocurrencies, but according to Binance CEO Zhao Changpeng, there is undoubtedly some upside.
Zhao Changpeng tweeted: “It was good for Google to ban crypto ads. Now search results for “binance” is clean and crisp, no more phishing sites.”