Twitter Confirms Restrictions on ICOs and Cryptocurrency Token Sale Ads
Twitter has confirmed the reports from earlier this month that it will ban ads for Initial Coin Offerings (ICOs) all around the world. From now on any project that is conducting a token sale will only be allowed to run ads on the social network if it can prove it is legally regulated in the targeted country. Wallets and exchanges will also have a high bar to cross.
According to the policy, any advertisement for financial products and services must be compatible with all applicable laws in each country, provide necessary disclosures, balanced information of risks and benefits, and all information that must be provided to the investor. Moreover, the network will now only allow ads by cryptocurrency exchanges and wallet services that are publicly-listed companies on major stock markets, Twitter said. In Japan, virtual currency exchange trading advertisers must be authorized by the Financial Services Agency.
Silicon Valley Hive Mind
A Twitter spokesperson commented about the ban: 'We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally. We will continue to iterate and improve upon this policy as the industry evolves.”
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