Sunday, February 5, 2023

TikTok Bans Crypto Promotion On Its Platform

Social media platform TikTok banned the promotion of content related to any kind of financial products including cryptocurrencies.

The ‘Branded Content Policy’ of the social media platform states, “All financial services and products are prohibited, including but not limited to … cryptocurrency.”

Other products and services prohibited by TikTok are lending and management of money assets, loans and credit cards, trading platforms, cryptocurrency, foreign exchange, pyramid schemes and investment services.  

The advertising policy of TikTok states that the platform would not promote or present any advertisement related to cryptocurrency. In the countries like the US and the UK, TikTok users have been prohibited from promoting cryptocurrencies, crypto exchanges and its advisory services. 

Notably, in South Korea also the crypto advisory services are banned by TikTok on its platform.

Financial Times, in its report, states that the recent decision by TikTok came after the influencers were already warned for promoting financial content, which could be misleading and hurt young savers.

While talking about TikTok’s ban, Martin Bamford, head of client education at Informed Choice, stated that the social media platform imposed the restriction to clamp down on directly or indirectly sponsored content which leads to an affiliate link. 

Further, he mentioned, “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.”

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