Tiktok bans users from promoting cryptocurrencies – Bitcoin News

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Tiktok has banned its users from promoting all financial products and services, including those related to cryptocurrency. The company also bans ads relating to cryptocurrency.

Tiktok bans 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 products and services are prohibited, including, but not limited to… cryptocurrency.

Some of the list of other prohibited products and services listed as examples include lending and money asset management, loans and credit cards, trading platforms, cryptocurrency, currencies, pyramid schemes and investment services.

Under Tiktok’s advertising policies, the company also prohibits advertisements relating to cryptocurrency. In most countries, including the United States and the United Kingdom, Tiktok prohibits “advertisements promoting virtual currencies / cryptocurrencies (for example, bitcoin and ethereum), as well as crypto trading platforms. – currency and consulting services are prohibited ”. In South Korea, cryptocurrency advisory services are also banned.

According to the Financial Times, Tiktok’s move came after individuals were warned about Tiktok’s taking of financial information, fearing it was misleading and harming young savers.

Martin Bamford, head of customer education at Informed Choice, believes that the Tiktok ban is the platform “squeezing on sponsored content directly or indirectly that leads to an affiliate link, for example, for s’ register with a trading platform and get free shares “. He nods:

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.

Many people use Tiktok to promote cryptocurrencies, including the popular meme-crypto dogecoin (DOGE). Some Tiktok videos have even pushed up the prices of various cryptocurrencies.

What do you think of Tiktok banning content promoting cryptocurrency? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

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