Crypto-based content is no longer allowed on TikTok starting today.
According to TikTok, certain types of ads would no longer be permitted on the platform. This includes crypto-based promotional content and some other topics. TikTok announced that on Friday 8 in an article from FT Adviser.
The new guidelines on the platform will explicitly restrain users from posting promotional content about financial products, despite the poster’s location.
The FT Adviser, Martin Bamford detailed the decision as follow,
"TikTok said that branded content policy, the promotion of all financial services and products is now globally prohibited."
TikTok's decision comes amid Dogecoin (DOGE) hype in 2020 when users shared similar videos in an effort to get more people to hop on. Other social media sites have also hosted important financial markets discussions in recent months, with stock inquiries on Reddit growing prominent as well.
Moreover, FT Adviser said that his interpretation of this [TikTok] is clamping down on straight or indirectly sponsored content which points to an affiliate link. For example to sign up to a trading platform and gain free stocks.
“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," he added.
Moreover, none knows exactly whether TikTok’s ban applies to all financial product discussions or just those which are promotional in nature.