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The prohibition will cover advertising of initial coin offerings (ICOs) - crowdfunding used to raise cash by creating new coins - as well as token sales and crypto-wallet services, the San-Francisco-based firm told Reuters. However, reports suggest that the ban won't harm them since just 1 per cent of their traffic is via such paid ads. The revised policies for these financial services related advertisements will be disclosed in next 30 days, however, some crypto exchanges will get an exception if they are listed as public companies on certain major stock markets.

SAN FRANCISCO Twitter announced a ban on ads for initial offerings of cryptocurrency or sales of virtual currency tokens, sending the value of bitcoin diving below US$8,000 (S$10,465).

The decision comes after Facebook Inc. banned cryptocurrency ads in January and Alphabet Inc.'s Google said it would ban such ads starting in June, as part of a broader effort to crack down on deceptive and misleading advertising on their platforms. When we take all of these bans together, it certainly seems like Twitter is about to purge the majority of cryptocurrency advertising from its platform.

Facebook got into this mess after it was revealed earlier this month that data had been harvested from over 50 million users by a psychology professor.

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The price of a bitcoin dropped below $8,000 on Monday. Figures that were being impersonated included Vitalik Buterin, Elon Musk, and Justin Sun, to name a few. This ultimatelyled to serious problems, like the real people - not their impersonators - being banned instead.

"The Facebook sources believe Zuckerbergs willingness to testify will also put pressure on Google CEO Sundar Pichai and Twitter CEO Jack Dorsey to do the same".

ICOs are largely unregulated, and in recent times have become bogus. "The internet will have a single currency". Ethereum is down to $475, representing a near 10.30 percent drop, whereas, ripple has declined by almost 10 percent and is trading at $0.586827. "I personally believe that it will be bitcoin".