Crypto ads are no longer allowed on TikTok

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TikTok announced on Friday that certain types of ads will no longer be allowed on their platform. Crypto-based promotional content has been included among the now verboten topics, according to a July 8 FT Adviser article.

The new guidelines on the social video posting site will specifically prevent users from posting promotional content about financial products, regardless of the geographic location of the posters. Detailed advisor article.

TikTok was a hotbed for the Dogecoin (DOGE) hype in 2020, when users shared related videos in a bid to get more people to jump on the bandwagon. Other social media sites have also had notable discussions in the financial markets in recent months, with stock talk on Reddit becoming important as well.

My interpretation of this is [TikTok] crack down on sponsored content directly or indirectly that leads to an affiliate link, for example to sign up for a trading platform and get free shares, told FT Adviser Martin Bamford, head of client education at ‘Informed Choices, adding:

We see a huge amount of this branded content on TikTok, usually from uninformed commentators, who attract followers with promises of wealth, but in reality make their money from people who sign up through links. affiliation. “

It is not clear whether the TikToks ban applies to all discussions of financial products, or only those that are promotional in nature. Google banned crypto ads in 2018, although it removed part of that ban this year for certain entities, pending certain requirements.

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