Twitter Inc (TWTR) Reportedly Getting Ready to Ban Cryptocurrency Ads
Twitter Inc (NYSE:TWTR) is the latest tech company that is gearing itself up to ban cryptocurrency ads on its platform.
Source: Shutterstock
The social media site has yet to officially announce the ban publicly, but a source familiar with the company’s plans confirmed that a ban is slated to take place, ideally in about two weeks time. The news was announced Sunday and it follows big announcements from Google-owned Alphabet Inc (NASDAQ:GOOG,NASDAQ:GOOGL) and Facebook, Inc. (NASDAQ:FB).
Twitter likely made the decision following a number of scams linked with bitcoin and other cryptocurrencies, as well as the fact that these digital coins are not regulated and it’s easy to commit fraud with blockchain-enabled currencies. The company may be protecting itself from the questionable legality of cryptocurrencies.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
The move will help protect users on the social media site as the ban will reportedly include anything advertising initial coin offerings, token sales and perhaps even cryptocurrency exchange ads. The decision to implement these bans on Twitter makes sense because the social media site does not require user authentication to make an account, allowing scammers and hackers to operate anonymously.
The social media platform has been considering making some changes to how it operates by enforcing a regulation that would require users to authenticate their identity in order to have an account, cutting down the number of bots and trolls around.
TWTR stock declined nearly 1.7% on the news Monday.
More From InvestorPlace
The post Twitter Inc (TWTR) Reportedly Getting Ready to Ban Cryptocurrency Ads appeared first on InvestorPlace.
