Google and Facebook have banned crypto currency-related advertising recently, which means that two of the biggest names in digital ad services have essentially blocked anyone looking to promote cryptocurrencies through Initial Coin Offering (ICO). Even though tech giants are trying to protect their users as well as their market reputations, there are less chances that the actual funding of crypto currency ventures will come to a halt in coming days. More initial coin offerings than ever before are funding through private, pre-sales to crypto funds. But when a widely used social networking app like Facebook says that many companies advertising initial coin offerings or crypto currencies are not operating with required transparency, or Google says that it has had enough of suspicious behavior of crypto-world, it is bound to have an affect on investors.
Following in the footsteps of Facebook and Google, another popular social networking application Twitter is considering to ban crypto advertisements. Even though there is no official release of the statement regarding ban from company’s side, but is expected to make an announcement anytime soon in the near future. The main reason why tech giants are showing willingness to ban crypto-advertisements and initial coin offerings is that the crypto industry is still unregulated, new and filled with frauds and scams. Being world’s pioneer social media networks, these tech biggies consider it their responsibility to do the best they can to protect their users from potential scams. And the revenue generated by crypto-ads is definitely worth the harm that can be caused to their online reputation.
Twitter has been on the receiving end of crypto scams far more than other tech biggies, probably due to its real-time nature and the fact that people can use it anonymously. Keeping in view the ban by three social media giants, it can be said that crypto currency is having not-so-good time lately and it will only add to the doubts with which a large number of people see it with. Social networking sites are fully committed to ensuring that deceptive and misleading ads have no place on their platform. With many government agencies gearing up to regulate and limit crypto currencies, the future seems uncertain for the exchange medium. Twitter’s move is the latest and another attempt to join the long queue of efforts that intend to limit the impact of crypto currencies and to minimize the damage that may be caused to rookie, unprepared traders who are often lured by deceitful promotional activities.
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