Twitter is preparing to ban cryptocurrency ads.
The company will roll out the new policy in two weeks, according to leaks from people in the know at the firm. Advertisements for initial coin offerings, token sales, and digital wallets to store the virtual currencies will all be prohibited.
Twitter may also decide to eliminate ads for cryptocurrency exchanges with some exceptions, according to Sky News, which was first to report the crackdown.
Earlier this March, Twitter CEO Jack Dorsey said the company has seen a spike in cryptocurrency-related scams. Twitter accounts have be hijacked with their user name changed to an official-sounding name, like a cryptocurrency developer or exchange, in order to fool victims into their schemes.
“We hope to have a lot more of it under control in the near future,” said Del Harvey, head of Twitter’s trust and safety during a Periscope stream.
The policy change is another blow for the cryptocurrency market, which has seen more than a few scams and shady marketing schemes during its short life.
