Twitter is currently in the process of kicking out all cryptocurrency ads from its platform, a source has disclosed. According to Recode, the microblogging company could make the plans official, which means announcement to that effect could soon be made public.
Twitter’s action is coming on the heels of similar steps taken by Facebook and Google to rid their networks of cryptocurrency scams, and consequently assure advertizers of the safety of their investment. Apparently, Twitter, Facebook and Google and the likes survive on what they are able to get from advertizers.
On Twitter, names of important personality such as John McAfee, Elon Musk and the likes are now being used by scammers to deceive people on the platform.
The scammers use misleading tactics like a little misspelling of a username or use avatar similar to the verified account, telling unsuspecting followers to send them a token of currency to receive a bigger amount in return.
“We’re aware of this form of manipulation and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner,” Twitter said in a statement per The Verge.
Google recently took similar step to blacklists cryptocurrency ads following a recent policy update on ads. Beginning from June 2018, cryptocurrency ads on Google will no longer be allowed. The ban will also affect all initial coin offerings (ICOs), wallets, and trading advice,” on its AdWords platform.
Speaking to CNBC on plans to ban cryptocurrency-related ads on its AdWords platform, Scott Spencer, director of sustainable ads at Google said:
“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”
The ban is a blanket one that will also affect companies with legitimate cryptocurrency offerings—such companies, according to the new update made to Google’s financial services-related ad policies, will no longer be eligible to serve ads through Google’s ads products.
In its annual “trust and safety” ads report which it published very recently, Google announced that more than 3.2 billion ads that violated its advertising policies were taken down. Majority of ads affected in the clampdown included “malvertising and phishing scams,” which the company described as “bad ad experiences.”
“We blocked 79 million ads in our network for attempting to send people to malware-laden sites, and removed 400,000 of these unsafe sites last year. And, we removed 66 million “trick-to-click” ads as well as 48 million ads that were attempting to get users to install unwanted software.”
Google makes billions of dollars from ads, and banning cryptocurrency-related ads might just be one of the ways to convince everyone that its platform is safe.