Fake news reports circulate regarding Twitter’s ad policies
A fake news story from British mainstream media publication, Sky News, sent cryptocurrency prices tumbling on Sunday.
The unverified claims in the report suggested that social media giant Twitter was about to change its advertising policies to ban cryptocurrency-related adverts on its platform.
The news followed recent moves by Facebook and Google to ban advertisements for crypto exchanges and ICOs from their networks.
The false news report from Sky News quickly went viral as it played into the worst fears currently anticipated by the crypto community.
The story, entitled, “Twitter to prohibit range of cryptocurrency ads,” didn’t cite any sources for its wild claims or even suggest where the information was obtained.
Other than to say “Sky News understands,” there is no indication as to where it came from and no evidence that any of it was true.
Unsubstantiated, unsourced and unverified claims are the absolute epitome of fake news and can only serve to harm the cryptocurrencies markets.
Reports such as this are playing right into people’s fears, and therefore, quickly go viral.
Fake news spreads
Sadly, other sites quickly picked up on the story and cited the Sky News report, causing the false claims to spread.
A quick search on Google News garners thousands of results, all parroting the same un-verified claims, with many presenting the news as “fact.”
So what’s the truth?
The reason the fake news spread so quickly is that there’s a chance Twitter could ban such ads from its platform.
The false claims are that Twitter is banning advertisements, as the company hasn’t made any announcements or confirmed any claims.
There is a chance Sky’s claims could turn out to be true, however, but they will only be considered fact when they can be verified, as, at the moment, it seems as though the news outlet is putting out reports based on what some expect will happen.
Twitter has come under scrutiny in recent weeks regarding crypto-related scams, but these complaints are related to fake accounts on their platform.
Scammers have been posing as popular cryptocurrency proponents in attempts to trick other users into sending them digital funds.
The micro-blogging site has come under increasing pressure to do more to block these imposters.
Earlier this month, Twitter’s CEO and founder Jack Dorsey, suggested his firm would double down on its efforts to tackle the surge of crypto scammers on the site.
Could Twitter still ban cryptocurrency ads?
Of course, there is a chance Twitter could still ban these type of ads.
Twitter has become a popular forum for the cryptocurrency community.
As a result, it has ideal advertising opportunities for promoting crypto token offerings, which is something that’s frowned upon by regulators.
In some ways, it would make sense that Twitter would follow Google and Facebook, who have both implemented policy changes to remove cryptocurrency-related ad content, recently.
In a blog post in late January, Facebook said it would block “ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, and cryptocurrency.”
Just last week, Google jumped onboard the FUD train and announced it would restrict ads related to cryptocurrency, effectively banning ads for crypto exchanges and token sales, in a change that will be implemented in June.
On the other hand, however, there’s good reason to believe that Twitter won’t implement the same policy changes.
The main reason to suggest they may not follow suit is that Twitter’s CEO is a major proponent himself in the cryptocurrency world.
Dorsey has also just invested heavily in Lightning Labs along with Litecoin founder Chalie Lee and other key crypto-players.
Lightning Labs is working a new form of software designed to speed up Bitcoin transactions and lower fees.
Clean out the trash
It’s fairly safe to assume that will probably make some changes to it’s advertising policy regarding some form of cryptocurrency related ads, and rightly so.
If ads on Twitter are promoting crypto scams, then they should be blocked.
Scammers will only taint the image of cryptocurrencies if people keep on associating them with fraudulent activity.
This doesn’t mean a blanket ban on everything related to digital currencies needs to be introduced, though.
Whether they will implement a similar change to Facebook and Google remains to be seen, however.