Tiktok has prohibited its users from promoting all financial products and services, including those related to cryptocurrency. The company also prohibits advertising related to cryptocurrencies.
Tiktok prohibits users from posting content that promotes cryptocurrency
The social media platform Tiktok has banned the promotion of cryptocurrency and related products and services. The company’s “Brand Content Policy” states:
All financial services and products are prohibited, including but not limited to…cryptocurrency.
Examples of other prohibited products and services list include lending and management of currency assets, loans and credit cards, trading platforms, cryptocurrency, foreign exchange, pyramid schemes, and investment services.
According to Tiktok’s advertising policy, the company also prohibits advertising related to cryptocurrencies. In most countries/regions including the United States and the United Kingdom, Tiktok prohibits “advertising that promotes virtual currencies/cryptocurrencies (such as Bitcoin and Ethereum) and cryptocurrency trading platforms and consulting services.” In South Korea, cryptocurrency consulting Services are also banned.
According to the British “Financial Times” report, Tiktok’s actions were made after individuals were warned not to obtain financial information from Tiktok because they feared that it might mislead and harm young savers.
Martin Bamford, head of customer education at Informed Choice, believes that Tiktok’s ban is that the platform “combats directly or indirectly sponsored content that will lead to affiliate links, for example, registering on a trading platform and getting free shares.” He believes:
We see a lot of such branded content on Tiktok, usually from well-informed commentators who attract followers with promises of getting rich, but actually make money from people who sign up through affiliate links.
Many people have been using Tiktok to promote cryptocurrencies, including the popular meme dongle (DOGE). Some Tiktok videos have even pushed up the prices of various cryptocurrencies.
What do you think about Tiktok’s prohibition on the promotion of cryptocurrencies? Let us know in the comments section below.
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