Twitter announced Monday that cryptocurrency advertisements would be banned from the website starting Tuesday.
All ads related to initial coin offerings (ICOs), token sales, exchanges and wallet services - excluding public companies listed on major stock markets - will be removed from the site, according to the announcement. A spokesperson said the move is aimed at "ensuring the safety of the Twitter community," according to CNBC.
The social media giant explained:
"We have added a new policy for Twitter Ads relating to a cryptocurrency. Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally."
Rumors that Twitter would ban cryptocurrency ads first surfaced earlier this month when Sky News reported that such content would be barred from the platform within the next two weeks, as previously reported.
A Twitter spokesperson declined to comment on the report when asked by CoinDesk at the time.
Twitter CEO Jack Dorsey has previously acknowledged the proliferation of cryptocurrency scam accounts, pledging to crack down on users or bot accounts seeking cryptocurrencies from others.
However, some of the site's response efforts have resulted in account issues for normal users, including @bitcoinmom and crypto exchange Kraken's support channel.
Twitter image via MaxyBn / Shutterstock