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Twitter bans cryptocurrency-related advertisements

The move follows other social media platforms banning cryptocurrency ads

twitter-sign-headquarters-san-francisco-ap (File) Twitter sign outside of the company's headquarters in San Francisco | AP

Microblogging platform Twitter will block cryptocurrency-related advertisements, beginning today

The move follows other social media platforms like Reddit, Facebook and Google, which have already banned cryptocurrency ads.

"We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency," The Verge quoted a company statement.

"Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally," the company added.

Rumors initially circulated earlier last week that Twitter would ban such ads.

The company began removing accounts that intentionally solicit cryptocurrency exchanges, impersonating famous figures like Elon Musk, John McAfee, and Ethereum co-founder Vitalik Buterin, earlier in March.

"The policy will be fully enforceable among all advertisers within a month," Twitter confirmed to The Verge.

All ICOs and token sales will be banned, but cryptocurrency exchanges and wallets will be restricted to only public companies listed on major stock markets.