Twitter is not the first major tech or social media company to ban the advertisement of cryptocurrencies and ICOs. News of the Facebook and Google bans also knocked the price.
Under the new policy, Twitter will prohibit ICOs ads, as well as token sales. The revised policies for these financial services related advertisements will be disclosed in next 30 days, however, some crypto exchanges will get an exception if they are listed as public companies on certain major stock markets.
Twitter said it had already been trying to prevent cryptocurrency accounts from "engaging with others in a deceptive manner", but the restrictions from Facebook and Google prompted it to do the same.
"We are committed to ensuring the safety of the Twitter community", Twitter said in a statement. For Japan, advertisements governing banking, securities, foreign exchange, virtual currency exchange trading and insurance must be authorized by the Financial Services Agency.
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The largest cryptocurrency traded flat at $7,847.87 as of 11 am in Hong Kong, according to Bloomberg.
Curiously, that would bar firms such as the largest US -based exchange Coinbase from advertising on the platform, while presumably still allowing Twitter's sister company, Square, to advertise its young Bitcoin buying and selling function on its Cash app.
A Twitter spokesperson states that this action is due to the fact that most crypto related contents and ads are often connected to fraud and deception.
The logo for Twitter is displayed above a trading post on the floor of the New York Stock Exchange on February 8.
The worry about fraudulent activity in the cryptocurrency market is also getting the attention of governments around the world.