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Twitter plans to ban cryptocurrency ads on its site

The company will join Facebook and Google in a move that's seen as protecting consumers.

Shara Tibken Former managing editor
Shara Tibken was a managing editor at CNET News, overseeing a team covering tech policy, EU tech, mobile and the digital divide. She previously covered mobile as a senior reporter at CNET and also wrote for Dow Jones Newswires and The Wall Street Journal. Shara is a native Midwesterner who still prefers "pop" over "soda."
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Shara Tibken
Currency and Social Media

Twitter plans to ban cryptocurrency ads on its site. 

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Twitter plans to join its rivals in banning advertisements for cryptocurrencies on its site.

The company hasn't announced the ban, but a person familiar with Twitter's plans said it's working on implementing the policy. Sky News earlier reported the decision. 

With the move, Twitter would become the latest tech company to ban such ads on its site. In January, Facebook said it wouldn't allow crypto ads on its social network, and Google followed course last week. 

The decision by the tech giants is a blow for the nascent market for digital coins but is seen as a way to protect consumers. Bitcoin and other cryptocurrencies struggle with fraudulent activity and illegal transactions. Because digital coin exchanges are still largely unregulated and transactions are hard to reverse, they've become targets for scams and hacks.

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