Twitter, one of the largest social media platforms, announced it will ban advertisements of crypto ICOs (Initial Coin Offerings) and token sales.
The move follows a ban already announced by competition including Facebook and Google.
Bitcoin reacted with price drop.
“Advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally,” a Twitter spokesperson said in an emailed statement Monday.
Explanation
Twitter spokesperson explained the motivation behind the move. He said Twitter is aware that a lot of crypto related content is related to fraud and deception, both paid content but also organic.
Facebook already banned ICO related ads in January. Google plans to ban such ads in June.
Is that all bad news for Crypto?
Crypto currencies reacted with another selloff, but is that really that bad news for crypto? I believe the less fraud and scam allowed in the crypto eco system, the better for genuine systems. Less investor money put into criminals pockets may mean more capital to be spend on good technology.
What are your thought on the ICO bans?