A growing number of internet companies are banning cryptocurrency advertising, fearing reputational damage if their users are duped or left penniless, even as regulators struggle to get to grips with the fast-emerging industry.

Twitter on Tuesday began blocking crypto ads, becoming the latest internet giant to crack down after moves by Alphabet's Google and Facebook earlier this year.

Once restricted to small online chatrooms for early bitcoin backers, cryptocurrencies have since exploded in popularity and the industry has grown rapidly.