Why Tik Tok is Banning Users From Promoting Bitcoin and Other Cryptocurrencies

• Tiktok has banned users from promoting all financial products and services including crypto and cryptocurrency trading.

• The social media company announced this on Saturday after it came under fire for allowing unsupervised financial advice on its platform

• The financial section of the platform had come to be known for exaggeration of actual financial insights and reports

Social media platform Tik Tok has banned users from promoting cryptocurrencies and other financial products.

The company’s updated branded content policy says

All financial services and products are prohibited, including but not limited to … cryptocurrency.

The ban is not limited to crypto influencers alone as it will also affect money assets, loans, and foreign exchange services.

The ban was issued by the social media platform after users were warned against taking financial information from Tiktok since quite a few were misleading.

Tik Tok’s current advertising policy however allows financial services companies to advertise to people above the age of 18.

Read also: Apple Co-founder Steve Wozniak- Bitcoin is Better Than Gold

Why promoting cryptocurrency on Tik Tok was a problem

On Tik Tok, the majority of the audience is young and can be easily influenced.

Certain influencers became notorious for promoting their services of certain cryptocurrencies with propaganda.

While the ban was issued to protect the audience, the downside is that legitimate financial firms will no longer leverage influencers as they once did.