Twitter is planning to ban cryptocurrency advertisements, joining other big advertising platforms like Facebook and Google that have opted to do the same.
The company hasn’t announced the ban publicly, but a source familiar with Twitter’s plans has confirmed the ban is in the works and should be announced soon. Sky News first reported Twitter’s plan late Sunday night.
Tech companies have been keen to ban ads related to cryptocurrencies, including initial coin offerings, primarily because the crypto industry is still new, unregulated and fraught with fraud. The thinking by these big tech platforms is that they have a responsibility to their users, and that includes protecting them from potential scams.
Twitter has been hit particularly hard by crypto scams, probably because of Twitter’s real-time nature and the fact that people can operate anonymously.
We’ll update here once the company makes things more official.
This article originally appeared on Recode.net.