Twitter Will Fight Crypto Scammers

Twitter Will Fight Crypto Scammers

Twitter may be taking steps to approach the problem of cryptocurrency scammers on its platform.

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Twitter may be taking steps to approach the problem of cryptocurrency scammers on its platform.

Twitter`s current policy features prohibition on ads for products and services that are potentially unsafe or deceptive, as well as ads that make misleading or deceptive claims, but they don`t specifically refer to ICO related ads, according to a report published at Tech Crunch.

When asked about its policy towards crypto and ICO ads, Twitter told Tech Crunch:

“We allow ads that don’t violate the Twitter Advertising rules.”

In their ads policies, the company bans the promotion of products and services in categories like adult or sexual products and service, drugs and drug paraphernalia, spyware and illegal hacking, tobacco and tobacco accessories, endangered species products, weapons and weapon accessories, ad policy: inappropriate content and others.

As visible on their website, the ban fails to take into account cryptocurrency scammers. The latter have recently emerged on Twitter, luring people into investing into scam ICOs and cryptocurrencies. Aware of these fraudulent activities, Twitter is taking steps to prevent fake and hijacked celebrity accounts trying to sell crypto. For example, Reuters reported about Twitter suspending an account pretending to be the one of Elon Musk that tried to convince users to buy cryptocurrency.

In a statement quoted by Reuters, the social media platform said:

“We’re aware of this form of manipulation and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner.”

According to online media reports, Facebook has banned ads promoting financial products and services that have ties with cryptocurrencies and initial coin offerings.

The new policies that are being discussed and implemented by some of the social media networks are responding to users` accusations that the technology companies are using them to earn money without taking measures to defend them against scams, lack of privacy and misuse of their personal information.