Twitter said on March 7 that it was implementing measures to prevent crypto scams.
Paid search sends less than one percent of traffic to cryptocurrency exchange sites, so the effect of crypto ad bans may be limited, according to research by website SimilarWeb, published today. Facebook was then followed by Google, which plans on enacting their ban in June. Included in this ban would be the advertisement of initial coin offerings (ICOs) and the the sale of tokens. When we take all of these bans together, it certainly seems like Twitter is about to purge the majority of cryptocurrency advertising from its platform. The schemes have seen notable exchanges, and certain personalities from the crypto world like Binance's Changpen Zhao and Etherium founder Vitalik Buterin, impersonated on the service. Google made no such provision regarding exchanges or wallets by publicly traded companies in its version of the ban, saying it would bar ads of ICOs, trading advice, cryptocurrency wallets, and cryptocurrency exchanges.
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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. Bitcoin slipped five percent below $8,000 on Tuesday, ethereum plunged 10.73 percent to $456, and ripple fell 6.63 percent to $0.57. "Although certainly ICO advertising must have been a significant source of revenue for Twitter, the repercussions of fraudulent activities just weren't worth the risk", Zennon Kapron, director of the financial consultancy Kapronasia, told the news agency. The increasing number of Initial Coin Offerings makes it impossible for anyone to know which cryptocurrencies and ICOs are genuine and which ones are frauds.
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. In January, this year, he had tweeted, "Instant buying (and selling, if you don't want to hold) of Bitcoin is now available to most Cash App customers".