An anonymous report by Sky News details rumors that Twitter is following in the footsteps of Google and Facebook and will soon ban cryptocurrency ads.
This combined with Google banning cryptocurrency ads, increasing talk about regulations and a fake PayPal email declaring cryptocurrencies illegal is the ripple being felt throughout the cryptosphere currently.
Twitter’s reported crypto ad ban would come in the wake of both Facebook ban of crypto advertising in January, and Google’s recent update to its Financial Services policy that will ban crypto ads starting in June 2018.
Sky News writes that they “understand that the new advertising policy will be implemented in two weeks and currently stands to prohibit advertisements for Initial Coin Offerings (ICOs), token sales, and cryptocurrency wallets globally.”
This comes only a few days after Google announced banning cryptocurrency ads from its ad network and follows a previous banning of cryptocurrency ads by Facebook in January earlier this year.
Sky News did not expand on how Twitter will enforce these new rules to its policy or if cryptocurrency accounts or users talking about cryptocurrency on its platform will be affected.
Twitter has experienced an influx of fake accounts pretending to advertise cryptocurrency giveaways, often by users posing as famous cryptosphere personas like Litecoin’s Charlie Lee promising large sums of cryptocurrency in exchange for a small amount which adds up.
It’s worth noting that Twitter CEO Jack Dorsey has previously called blockchain technology “the big unlock” and is also working with the technology for his other company Squared. Dorsey introduced Bitcoin and other alt currency trading for customers of Squared in late January, so Twitter banning cryptocurrency advertisements would be seen as hypocritical.
Meanwhile, over the weekend what is believed to be a spoofed email from PayPal declared that cryptocurrencies were illegal on Saturday, News Bitcoin reported.
The message condemned “activity involving the trading or transfer of cryptocurrency which is prohibited under our Acceptable Use Policy,” asking the receiver to “cease any activity that results in the trading or transfer of cryptocurrency.”
The message read:
“While reviewing your account, we noticed that your activity involves the trading or transfer of crypto currency which is prohibited under our Acceptable Use Policy. As this is not permitted on the Paypal platform we ask that you cease any activity that results in the trading or transfer of cryptocurrency. If you continue to engage in this activity on Paypal, we’ll be unable to continue offering our services.”
Twitter and PayPal have not responded to confirm that any of the rumors are true at press time. However, Coindesk reports, in an email response to CoinDesk, a Twitter representative said the company would not comment for now, but also did not deny the report.
In other news that may be affecting the current price of Bitcoin and alts, the G20 is set to hold two separate discussions on cryptocurrencies this week in Argentina in an effort to seek what representatives call a “common response” on regulation. Although the agenda and talking points for the two discussions have not been publicly released, a public document indicates that world leaders’ discussions will revolve around the implications of cryptocurrencies and the potential applications of its underlying technology.
So it will be a bumpy ride this week for cryptocurrency enthusiasts no doubt, grab your bags and hodl for the rollercoaster to come.
Bitcoin is currently trading at [FIAT: $8,182.40] recovering from the weekend FUD up 6.07% at the time of this report according to Coin Market Cap.
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