Blockchain and Crypto

Twitter might ban crypto ads too

  • Twitter's coming crypto ad ban, which the company has neither confirmed nor denied, would block ads associated with cryptocurrency wallets, exchanges and ICOs
  • The rumor follows moves by Facebook and Google to ward off ads for gimmicky crypto projects and less than two weeks after CEO Jack Dorsey claimed to be working on cleaning up the platform
close

Email a Friend

Twitter might ban crypto ads too

Twitter is reportedly preparing to implement a crypto ad ban à la Facebook and Google in the next two weeks.

The so-called ban would block ads associated with cryptocurrency wallets, exchanges and ICOs, or initial coin offerings, “with exceptions.” A Twitter rep did not deny the report in an email exchange Monday morning but declined to comment further.

Similar ad bans by Facebook in early February and Google last week have won praise from the crypto community for rooting out gimmicky get-rich-quick projects without much technical merit that have raised a lot of money but created an unfortunate situation for serious participants and observers, who suffer from the recklessness and misguidedness of the uninformed majority.

Nevertheless, the “brazen scams” continued to be promoted across Twitter. Less than two weeks ago CEO Jack Dorsey popped up to respond to a plea by Cornell University professor and IC3 director Emin Gün Sirer, saying that Twitter is working on managing that kind of activity.

Dorsey also runs Square, which in the last five months has introduced bitcoin trading to users of Square Cash, its peer-to-peer payments app.

Twitter has become one of the most dominant places for discussion among blockchain and crypto community members and as such, many of them, like JPMorgan Chase’s Amber Baldet most recently, have seen fake account impersonating them, with the aim of using their influence to raise money.

More recently, the serious and active participants have kept to invite-only Telegram or Slack groups.

Celebrities like Paris Hilton and Floyd Mayweather have also taken to the social media platform to announce their own endorsements of ICOs to raise cash. In November, U.S. regulators issued an official warning that such endorsements could be breaking U.S. securities laws requiring anyone backing an investment opportunity to disclose their relationship to the company offering it.

“I get 20 ICO pitches in my inbox everyday,” Jalak Jobanputra, founding partner at FuturePerfect Ventures, recently told Tearsheet. “There’s allocation for marketing and that’s been an avenue where they just blanket the web and social networks and certainly use them excessively for the marketing of these ICOs.”

0 comments on “Twitter might ban crypto ads too”

Blockchain and Crypto

Gemini launches crypto credit card with bitcoin awards

  • Gemini prepares to roll out its Gemini Credit Card which offers users a cryptocurrency rewards program.
  • The credit card will be launched in connection with Gemini’s recent acquisition of Blockrize.
Rimal Farrukh | January 15, 2021
Blockchain and Crypto

Anchorage Digital Bank is the first federally chartered digital asset bank

  • Anchorage Digital Bank received the OCC's first charter for a crypto bank.
  • The license will enable Anchorage to act as a custodian for other traditional banks that want to offer crypto.
Zoe Murphy | January 14, 2021
Blockchain and Crypto, Member Exclusive

With new products by PayPal and Revolut, cryptocurrency is making its way into mainstream

  • Square’s Cash App, Revolut, and PayPal are facilitating cryptocurrency use.
  • Banks remain skeptical about security concerns
Rivka Abramson | November 05, 2020
Blockchain and Crypto, Member Exclusive

Building the primary financial account of the cryptoeconomy, Coinbase launches a debit card

  • For crypto to become more mainstream, the set of technologies needs to become easier to use.
  • Coinbase is launching a debit card that lets users spend crypto just by swiping.
Michael Deleon | October 28, 2020
Blockchain and Crypto, Member Exclusive

Kraken is first cryptocurrency exchange to receive state bank license

  • Kraken becomes the digital asset exchange to get a banking license.
  • The firm will launch Wyoming-based Kraken Financial.
Michael Deleon | September 17, 2020
More Articles