Tiktok Bans Users From Promoting Cryptocurrencies – News Bitcoin News

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

Tiktok prohibits users from posting content that promotes cryptocurrencies

The social media platform Tiktok has banned content that advertises 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.

The list of other prohibited products and services provided as examples include financial asset lending and management, loans and credit cards, trading platforms, cryptocurrency, foreign exchange, pyramid schemes, and investment services.

As per Tiktok’s advertising policies, the company also prohibits advertising related to cryptocurrency. In most countries, including the United States and the United Kingdom, Tiktok “prohibits advertisements promoting virtual currencies / cryptocurrencies (e.g. Bitcoin and Ethereum) and cryptocurrency trading platforms and advisory services”. Advisory services for cryptocurrencies are also banned in South Korea.

According to the Financial Times, Tiktok’s move came after individuals were warned not to take financial information from Tiktok because they feared it could be misleading and hurt young savers.

Martin Bamford, Head of Client Education at Informed Choice, believes the ban on Tiktok is the platform “that records, directly or indirectly, sponsored content that leads to an affiliate link, for example, to sign up for a trading platform and distribute free shares receive”. He mean:

We see a huge amount of this branded content on Tiktok, usually from ill-informed commenters who lure followers with promises of wealth but actually make their money from people signing up through affiliate links.

Lots of people have used 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 that promotes cryptocurrencies? Let us know in the comment section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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