Twitter Inc. joined Facebook and Google in banning coin initial offer ads and token sales on their social networking platform.

Announcement that led Bitcoin to trade below $8,000. "The announcement of initial currency offers (ICO) and sales of tokens will be banned worldwide", a Twitter spokesperson said in an email statement Monday.

"We know that this type of content is often associated with deception and fraud, both organic and paid, and a number of signals are being proactively implemented to prevent these types of accounts from interacting with others in a misleading way".

The decision comes after Facebook Inc. banned cryptocurrency advertising in January and Google from Alphabet Inc. said it would ban such advertisements from June as part of a broader effort to end misleading advertising on its platforms.

Social media platforms are being kept out of cryptocurrencies while regulators are paying more and more attention to the sector worldwide.

The U.S. Securities and Exchange Commission issued several subpoenas earlier this month to ICO teams that it suspects are violating securities regulations, and has warned since July that some of the offers may be violating securities regulations. Twitter said on March 7 that it was implementing measures to prevent crypto scams.

The announcements for the exchange of cryptocurrencies and portfolios will be limited to those provided by a public company listed on major stock exchanges, and in Japan they will be limited to encrypted exchanges regulated by the country's Financial Services Agency, said the Twitter spokesman.

The banning of crypto-advertising on major social networking platforms has weighed heavily on the cryptomarket. Bitcoin is down 8%, down from $8,000 and since its record high last December, the currency has been down 50%.

However, paid search sends less than 1% of traffic to cryptocurrency sites, so the effect of cryptographic advertising bans may be limited, according to research on the SimilarWeb website, published Monday.