Sky News has reported that Twitter is following Facebook and Google’s footsteps, and is preparing to prohibit a range of cryptocurrency and initial coin offerings (ICOs) advertisements amid looming regulatory intervention in the sector.
Sky News says (via Engadget) that the new advertising policies would ban worldwide ads for ICOs, token sales, and cryptocurrency wallets and would be implemented in two weeks. The site might also ban ads for cryptocurrency exchanges, but with some possible exceptions.
The move is notable as Twitter has become a popular forum for, not only blockchain industry enthusiasts and firms, but also celebrities promoting crypto token offerings that have been frowned upon by regulators, as well as scammers impersonating real accounts in order to hoax investors.
If the news is confirmed, it likely represents yet another confidence blow for the crypto markets in a week which has seen the price of Bitcoin fall another ten percent to a current price of $7800, with the current combined market capitalisation of all cryptocurrencies standing at a little over $280 bn – a 55% decrease off of its peak of $610 bn in early January.