In an email statement on Monday, a Twitter spokesperson said "Advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally," He further wrote, "We know that this type of content is often associated with deception and fraud, both organic and paid, and are proactively implementing a number of signals to prevent these types of accounts from engaging with others in a deceptive manner."

The decision comes after internet giants Google and Facebook announced the ban of cryptocurrency related advertisements to protect its users from misleading and deceptive advertisements.

Banks like HDFC Bank, Citi Bank, and SBI have also taken their actions on the matter by discontinuing the use of cards for the purchase of cryptocurrencies.