The cryptocurrency industry is relatively new and unregulated, and the number of scams is on the rise as criminals attempt to cash in on the recent boom. Twitter, therefore, is said to be considering a ban on cryptocurrency advertisements, which were recently banned by Google and Facebook.

As reported by Sky News, Twitter is understood to be implementing a new advertising policy that will ban ads for initial coin offerings (ICOs), token sales and cryptocurrency wallets. Twitter has not yet announced this publicly but a statement is imminent, said an anonymous source close to the social networking platform.

This follows a recent report from Action Fraud, the UK’s national fraud and cybercrime reporting agency, stating that crimes related to the cryptocurrency bitcoin, including investment fraud, increased from 320 reported instances in 2016 to 999 in 2017.