Crypto News | Twitter Crypto Ads Ban Announced

On Twitter, it was never about the ads, it was about the scams. Ever since January, many users have been complaining about fake accounts posing as tech celebrities, including Elon Musk and Vitalik Buterin, and endorsing obscure ICOs or asking people to send them small amounts of coins in half-witted phishing attempts. When Twitter CEO Jack Dorsey said earlier this month that his team was working on a solution, nobody expected a flat-out crypto ads ban à la Facebook or Google. But that’s exactly what we got. The new company policy, expected to come into effect in two weeks, will likely block advertisements for ICOs, crypto wallets, and potentially even cryptocurrency exchanges. It is still unclear whether the crypto ads ban will be able to deal with the influx of fake bot accounts, considering that all of these major platforms, Twitter included, use automated systems for screening.

Many have been concerned that PayPal, as well, may be taking a stance against cryptocurrencies lately. A great number of PayPal users have received incredibly convincing fake emails, claiming to be from PayPal, which asked them to stop trading/using cryptocurrencies or risk losing access to PayPal, since (paraphrasing) “cryptocurrencies run against PayPal’s policy”. After the email was received by account holders on March 16, analysts have determined that it is, indeed, fake. It was sent from an unofficial domain. PayPal support said that it would investigate the issue further, but so far, there has been no official comment. With the price of Bitcoin experiencing losses, many suspect foul play, primarily pointing fingers at a potential high-level market manipulation.

Another major company decided to join the debate concerning cryptocurrencies, but this time, it took the cryptocurrencies’ side. In a recent announcement, MasterCard executive Ari Sarker said that his company is happy to support the use of cryptocurrencies. And why wouldn’t they be? Their classification of crypto purchases as cash advances instead of actual purchases brought in quite a bit of money as interest revenue, making cryptocurrencies more expensive and prompting exchanges to pay higher fees. In an interview for the Financial Times, Sarker was quoted as saying that, “If governments look to create national digital currency we’d be very happy to look at those in a more favorable way”.

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Author: Max Rothstein

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