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Tiktok has banned its users from promoting all financial products and services including those related to cryptocurrency. The company also prohibits ads relating to cryptocurrency.
Tiktok Prohibits Users From Posting Content Promoting Cryptocurrencies
Social media platform Tiktok has banned content promoting cryptocurrencies and related products and services. The company’s “Branded Content Policy” states:
All financial services and products are prohibited, including but not limited to … cryptocurrency.
Among the list of other prohibited products and services listed as examples are lending and management of money assets, loans and credit cards, trading platforms, cryptocurrency, foreign exchange, pyramid schemes, and investment services.
Under Tiktok’s advertising policies, the company also prohibits ads relating to cryptocurrency. In most countries, including the U.S. and the U.K., Tiktok bans “Ads promoting virtual currencies/cryptocurrencies (e.g. bitcoin and ethereum), as well as cryptocurrency trading platforms and advisory services are prohibited.” In South Korea, cryptocurrency advisory services are also prohibited.
According to the Financial Times, Tiktok’s move came after individuals were warned about taking financial information from Tiktok over concerns it could be misleading and hurt young savers.
Martin Bamford, head of client education at Informed Choice, believes that Tiktok’s ban is the platform “clamping down on directly or indirectly sponsored content which leads to an affiliate link, for example, to sign up to a trading platform and get free stocks.” He opined:
We see a huge amount of this branded content on Tiktok, usually from poorly informed commentators, who lure in followers with promises of riches, but in reality are making their money off people signing up via affiliate links.
Many people have been using Tiktok to promote cryptocurrencies, including the popular meme-crypto dogecoin (DOGE). Some Tiktok videos have even pumped the prices of various cryptocurrencies.
What do you think about Tiktok banning content promoting cryptocurrency? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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