It is the dawn of a new era on Twitter as the microblogging company is all set to blacklist all cryptocurrency ads from Tuesday. Reports made the rounds sometimes last week that the company was mulling over the decision, especially after Facebook and Google updated their policies to get rid of such ads.
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 are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency,” Twitter confirmed in a statement made available to The Verge. “Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally.”
The new policy will be made public today by Twitter, while the ban itself will come into force from tomorrow and will fully become operational within the next 30 days. “The policy will be fully enforceable among all advertisers within a month,” the microblogging company added, per The Verge.
While advertisement of Initial Coin Offerings (ICOs) and token sales will be affected by the ban, cryptocurrency exchanges and wallets will be restricted to publicly listed on major stock markets.
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 Google ban is a blanket one that will 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.
It appears cryptocurrency is the magic word that is gradually taken over everything we do online these days. We bump into it every day—but that is not the problem; it is actually dealing with the dishonest individuals who try to take advantage of unsuspecting people that worries me a lot.
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.”