Twitter is Fed Up with Crypto Scams

Twitter is just the latest in a string of companies who have had enough with crypto scammers. Governments are also beginning to put the smack down on illicit crypto behavior and are enacting various regulations on the market.

Another one bites the dust

Twitter is joining other social media companies in putting a stop to crypto scams on their platform. In an attempt to limit manipulative content, Twitter is enacting some security measures built around preventing accounts from interacting with users in a “deceptive manner.” A spokesman told Bloomberg the basic intent of the policies, but nothing more.

Facebook Inc. also recently blocked crypto related ads, including those related to ICOs and binary options. The social media giant says that too many of these ads were misleading. Despite the policy, cryptocurrency ads still find their way onto Facebook, daily. This just shows how broad and sweeping the issue is. Crypto scammers stand to make a lot of money by misleading and deceiving investors.

Twitter has gone so far as to restrict the @Bitcoin Twitter handle. Users attempting to visit the profile are met with a notice that there has been “unusual activity from” the account.  Twitter has declined to comment about this particular block, citing user privacy as a reason to demur explanation. The @Bitcoin account profile states that it is a site for Bitcoin news and price information.

Another handle that offers support to the crypto market, Kraken, has also been banned, Kraken says it was banned from Twitter after trying to help shed light on crypto thefts. Specifically, the account was publishing methods that thieves had used to steal digital assets online, in order to help protect Kraken users. Twitter has since reinstated the customer support account.

CEO of Twitter, Jack Dorsey has said, simply, “We are on it” in response to inquiries about what Twitter is doing to prohibit crypto scams on their platform. The platform had become so seeded with spammers and scammers that even mentioning cryptocurrency prompted a deluge of comments from impersonators of crypto celebrities, trying to scam people out of a few coins.

Companies and Governments are sick of the noise

In the US, the SEC has started to take cryptocurrency seriously. They have deemed virtual coins as securities, and are cracking down on ICOs. An example of this is the halt on the AriseBank ICO, whose assets were frozen once regulators had determined the offering to be a scam. Governments abroad are also taking the issue with sincerity, with an official in the UK calling for an end to cryptocurrency “anarchy.”

For now, users on Twitter should look forward to some of the noise clearing out. As is seen on Facebook, scammers will figure out a way to get their content on the platform; it will be only a matter of time. Twitter officials have their work cut out for them when it comes to keeping the airwaves clean of such lucrative conversation.

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