TikTok Bans Ads Promoting Cryptocurrency

TikTok Bans Ads Promoting Cryptocurrency The social network TikTok updated its branded content policy to ban cryptocurrency-related ads. In recent months, the app has become a massive promotional event for Dogecoin (DOGE).

TikTok Bans Crypto-Related Ads

TikTok has banned influencers from promoting any form of financial services on its platform. This prohibition applies to advertisements for financial services, credit cards, and anything related to cryptocurrency investments . According to the FT Advisory media:

"Under TikTok's branded content policy, the promotion of all financial products and services is now generally prohibited."

The new restrictions will prevent users from posting promotional content, regardless of their location. However, restrictions may only apply to sponsored content featuring affiliate links. The interpretation of TikTok's new branding policy is different.

In 2018, Google and Facebook banned cryptocurrency ads on all their platforms. The two companies recently adjusted this policy.

What's the Context?

The ban follows complaints by the British financial police about TikTok's negative influence on young investors, causing them to take too much risk.

Read this Goldman Sachs Recognizes Cryptocurrency As New Asset Class

According to a report released in February by the UK's Financial Conduct Authority (FCA), TikTok has been used to target "young and naive" investors looking to make a quick buck.

Many influencers suggest that people invest heavily in stocks like GameStop and cryptocurrencies like Dogecoin (DOGE).

Indeed, TikTok has become a certain place of madness for DOGE in recent months.

But TikTok, along with Citizens Advice, launched an educational video about finance in June. The video focuses on how to do your own research to make the right financial decisions.

The goal of this partnership is to educate TikTok users about correct financial information, help them identify misinformation, and provide them with access to appropriate support and advice.

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