Twitter planning to ban cryptocurrency ads

Google has announced that it will ban Bitcoin and other cryptocurrency adverts in June 2018

The microblogging platform is following similar moves by Facebook and Google which have restricted financial advertisements due to concerns about illicit activities.

In an unconfirmed report by Sky News, the micro-blogging network is allegedly looking to change its policy on nearly all cryptocurrency exchanges, with some limited exceptions.

Sky has reported that Twitter will implement a new advertising policy in two weeks, which prohibits most cryptocurrency advertising.

Mark Carney, governor of the Bank of England, recently told Sky News: "There are a number of problems with cryptocurrencies".

ICOs have stoked fears that they could be hiding scams.

"There are issues for authorities who deal with money laundering, terrorist financing, and price fixing".

More news: Former Pro Bowl selection Sheldon Richardson visits Vikings

Earlier in January, stating that misleading ads have no place on Facebook, the social media giant had announced a policy to ban all ads that promote cryptocurrencies, including Bitcoin and initial coin offerings (ICOs).

The ad ban will come into force from June as part of a clampdown on unregulated financial products.

"Improving the ads experience across the web, whether that's removing harmful ads or intrusive ads, will continue to be a top priority for us", said Scott Spencer, director of sustainable ads at Google, on the company's official blog, The Keyword.

Interest in cryptocurrencies has surged in the past year as their prices rocketed.

This isn't the first set of steps that Twitter has taken to stop deceptive cryptocurrency scams: it says that it will start taking down accounts that ask for small amounts of a cryptocurrency while impersonating celebrities.

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