Twitter plans to ban cryptocurrency ads. David McBee/Pexels

Twitter may soon follow in the footsteps of other large technology companies by placing a ban on advertisements for cryptocurrencies and related products and services, according to a report from Sky News.

The new restrictions are reportedly set to go into effect in the next two weeks and will severely limit the ability of cryptocurrency-related companies and startups to advertise on the popular social media platform.

Once implemented, it is expected the ban will prevent the advertising of initial coin offerings (ICOs), a controversial means of raising funds in which early investors provide money to a startup in exchange for digital tokens with the promise that if the company succeeds, the tokens will skyrocket in value.

ICOs have become notorious for being used as tools by scammers looking to take investor money and run. A recent report from research firm Ernst and Young found that people have lost more than $400 million in ICOs.

Twitter’s new ad restrictions could also limit the advertising methods for cryptocurrency wallets that are used to hold digital currencies, as well as cryptocurrency exchanges where people go to buy and sell various cryptocurrencies.

Twitter has run into a number of issues relating to cryptocurrency on its platform. It was reported earlier this year that scammers were impersonating famous users on the platform to trick users into giving them cryptocurrency.

"We’re aware of this form of manipulation and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner," Twitter said in a statement on March 7.

While Twitter has yet to confirm the reported crackdown on cryptocurrency advertisements, the decision to do so would put Twitter in line with Facebook and Google, both of which took action in recent weeks to limit or block cryptocurrency ads.

In January, Facebook announced it would prohibit ads that “promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings and cryptocurrency.”

Google announced a similar ban earlier this month that will go into effect starting in June. Google’s ban covers “cryptocurrencies and related content.”