Viral video platform, Tiktok, in its recent policy update has banned promotional contents that could be related to crypto, or the digital assets market thereby putting a dent on the business of crypto influencers on the platform.
According to the new policy, all contents related to the financial market are now on the list of banned promotional contents. The firm clarified that its blanket financial content ban would cover “cryptocurrency, lending, and management of money assets, loans and credit cards, trading platforms, foreign exchange, forex trading, commemorative coins, pyramid schemes (including non-financial services ), investment services etc.”
However, it should be noted that the firm’s policy on advertising remains unchanged. Tiktok currently allows its advertisers to run financial adverts to its users who are above the age of 18. Regardless of this, crypto related ads are prohibited on the platform.
Previously, the Chinese-owned firm had tried to sensitize its mostly youthful users about the kind of financial advice they should be taking on its platform. Though the success of this campaign remains unclear, the social media company is long renowned for its overly speculative and exaggerated financial advice contents that run on it. This has drawn the ire of regulators who have regularly ordered the firm to tighten its noose about the kind of contents it allows.
While this ban might be an attempt by the firm to protect its users, other internet behemoths, Google and Facebook have had a rethink of their erstwhile draconian policy on crypto ads. Both firms were not accepting crypto-related ads on their platforms previously, however, both firms have lifted the bans on these types of ad for their users.