Twitter will ban advertisements for ICOs and crypto coins
Twitter will ban advertisements for ICOs and crypto coins
Twitter will ban cryptocurrency and coin issuance (ICO) ads this week. Facebook has already announced such a ban in January and Google will not allow it from June.
The social network responds to complaints that Twitter does nothing against cryptoscams. These can flourish because supervision is minimal in many countries.
Twitter first tried to fight the nuisance by blocking malicious parties, but that was not enough.
Twitter goes even further in restricting crypto advertisements. According to Bloomberg, it only shows advertisements for cryptocurrences and wallet providers when they come from listed companies.
Twitter stops advertising crypto coins and ICO
Following Facebook and Google, Twitter has also indicated that it will no longer show ads of crypto coins and ICOs. The rumor that Twitter was going to pull the plug went for a while. Today it was announced that the ban starts immediately and no more advertisements from Facebook and Twitter are shown.
Twitter has announced that there is a new policy for advertising on the social media channel. The new policy states, for example, that Twitter will no longer show ads of crypto coins and ICOs. The ban would also be valid for exchange sites and e-wallets in which you can store crypto coins. An exception is made for companies that are known in the stock market and happen to sell shares in Bitcoins.
The ban will also be excluded for companies approved by the FSA and licensed. An example are the crypto exchange sites that have a license in Japan. They will soon be able to advertise on Twitter with their services.
Investor safety is the most important thing
Twitter has come to this decision because they think security is extremely important for the investor. They do not want Twitter to trap users to put money into unsafe websites. That is why there are again advertisements showing websites with an official license. This exception is only made by Twitter so far. Google and Facebook are planning to block everything around crypto coins in terms of advertisements.
Twitter already lets the ban start immediately following Facebook. Google has already announced a ban, but plans to do so in June 2018. New ICOs now have the chance to generate brand awareness until the ban starts in June.
Austria will regulate trade in crypto coins
Austria is the next country to regulate the market for crypto coins. The Austrian Ministry of Finance notes that crypto coins are increasingly being used for money laundering and the financing of terrorism.
Exchange offices will have to indicate who the buyers or sellers are when they exceed 10 thousands euros. In fact, the same rules are applied that also apply to other financial transactions.
The measures also include ICOs or currency issues.
The measures come after a scam around a company called Optioment. In addition, investors lost many millions of euros.
Winklevoss twins start crypto exchange site Gemini
On 12 April, a new crypto exchange site Gemini will be launched. The Winklevoss twins create the website. The website is meant for investors who want to make large purchases and do not come for one Bitcoin. At the marketplace, a minimum order of 10 Bitcoins or 100 Ethereum coins is required. Therefore, customers can really buy a Block at Gemini and this is a new experience compared to other cryptosites.
Gemini will place a purchase or sale order for the customer for a complete block. The customer can also indicate a price limit. Therefore, for what price the block may be sold or purchased at least or at most. If there is a match, the purchase is made directly by Gemini.
Winklevoss hopes to attract the major investors
At this moment, there would already be a lot of interest in crypto coins from large investors with a lot of equity. However, they still find it all too much hassle to buy crypto coins. The Winklevoss hopes to pull them over with their new Gemini service. It should be easier for these players on the market to buy or sell 10 or maybe even 100 Bitcoins at once.
The Winklevoss twins secretly of course also hopes that they will be able to boost the downward course of the past few weeks with their new service. The question is whether the new big fish will bite and buy coins through the twins Bitcoins or Ethereum. If this were the case, the price would suddenly start to show an upward trend.
Yahoo wants to launch crypto-exchange service in Japan
A new big multinational is planning to get into the crypto coins namely Yahoo. The search engine is planning to launch its own service where investors will soon be able to buy crypto coins. The first step for a crypto-exchange site has already been taken. It has bought 40% of the shares in BitARG. The plan is to build a crypto-exchange site based on BitARG technology.
BitARG already has a license from the FSA to offer crypto services in Japan. This makes it easy for Yahoo to step in because they do not have to apply for a license themselves. The investment that Yahoo currently makes in BitARG comes to about $ 19 million. For this money, they therefore hold half of the shares.
News just happened to come out just after Binance had a warning
The news that Yahoo decides to provide a service for crypto coins in Japan just happens to come out after Binance has received a warning. It seems that Yahoo intends to fill the gap Binance will leave in Japan.
The FSA has invested heavily in recent months in stricter supervision of crypto-exchange sites. This supervision was tightened after $ 533 million of NEM coins were stolen via Coindesk. With the more stringent, the FSA wants to protect investors from unsafe websites.