Twitter Takes Baby Steps to Stop Crypto Scammers

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Twitter is taking some baby steps to combat cryptocurrency scammers on its platform.

The company does not currently have an advertising policy relating to cryptocurrency and ICO related ads — which Facebook banned in January.

“We allow ads that don’t violate the Twitter Advertising rules,” was the response from a Twitter spokesman when we asked about its policy towards crypto and ICO ads.

Its current policy includes prohibitions on:

  • Ads for products or services that are potentially unsafe or deceptive
  • Ads making misleading or deceptive claims, such as “get rich quick” offers

Twitter also acknowledges there can be country-specific restrictions on financial services.

Yet earlier this month, Australian news site ABC News reported that local Twitter users were being inundated with ads for Initial Coin Offerings and cryptocurrency exchanges.

At the same time, many global regulators have issued public warnings about the risks of investing in ICOs.
Some regulators have banned them entirely.

And the crypto market is essentially characterized by misleading and deceptive claims at this point — given the lack of clear and firm regulation.

So Twitter’s continued acceptance of ad dollars from cryptoland looks pretty hard to square with its own ad policy at this point.

What it is doing to mitigate crypto scamming appears to be a more subtle policing of Twitter users who send tweets that contain targeted requests to others to send crypto.

Reuters reports that an account posing as Elon Musk, which had last month targeted followers of the billionaire and claimed to be giving away cryptocurrency, was suspended as of yesterday.

“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,” a Twitter spokesperson told the news agency.

The spokesman declined to provide us with any more information about its actions or the kinds of issues it’s tackling in the crypto area.

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