Twitter to prohibit cryptocurrency ads on its platform

Twitter Inc. plans to ban advertisements from certain cryptocurrencies on its platform. 

A Twitter spokesperson in a statement on Monday said the new policy will globally block the initial coin offerings (ICOs) ads that largely use crowdfunding in order to generate new coins, in addition to advertisements promoting token sales. 

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“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,” a spokesperson said in a statement.

Reuters first reported the new policy, which is set to go into effect this week.

Earlier this month, Twitter announced that it will crack down on accounts carrying out cryptocurrency-related scams.

“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 in early March.

Twitter faced pressure to join Facebook, Google and other companies in prohibiting cryptocurrency advertisements.

Facebook announced it was limiting such advertisements earlier this year, and Google followed suit, announcing this month that a ban will be implemented in June.