Facebook was then followed by Google, which plans on enacting their ban in June. Figures that were being impersonated included Vitalik Buterin, Elon Musk, and Justin Sun, to name a few. If you're a regular Twitter user, you've likely encountered them before: accounts that exist for no other reason than to part gullible people from their cryptocurrency. There are usually no transaction charges for cryptocurrency exchanges as the miners are paid by the network.
Tatiana Moroz, the founder of Crypto Media Hub, told Bitcoin Magazine that filling the space left by the absence of advertising on the search engine and social media platforms will result in higher quality interactions through community involvement and relationship building. The consensus is that such banning of cryptocurrencies and ICO ads will cripple the many fraudulent operations that are clogging up the crypto space.
Twitter will start implementing the new policy over the next 30 days.
Overall, this news is being met with considerable enthusiasm.
The new policy leaves open the door for ads for cryptocurrency exchanges or secure "wallet" services offered by public companies listed on some major exchanges.
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Another reason for the new policy is to prevent risks to Twitter itself. Reading into Twitter's position, it appears that Initial Coin Offerings (ICOs) are the main trigger behind the move.
Micro blogging site Twitter Inc is set to ban some cryptocurrencies advert on its platform, according to a statement it released on Monday.
Twitter's financial services policy has already been updated to reflect the ban.
The British government early this year called for global regulation of controversial virtual currency bitcoin, adding that the G20 would address the topic this month. Bitcoin fell by 6% in 24 hours and is now trading to a low of $7,895 (as of writing).
The main reason for fall in the cryptocurrency market is that Twitter announced that it would ban advertising for cryptocurrencies, following Google and Facebook's crackdown that aims to protect investors from fraud.