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Tiktok is banning influencers from promoting cryptocurrency

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Vandana Mrigwani Follow

INDIA

Jul, 12 2021

Jul, 12 2021

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The new guidelines involved no more dodge coin hyping in the Tiktok platform. On 9th July 2021, a piece of news came into existence that “Tiktok is banning influencers from promoting cryptocurrency”. The platform will no longer allow crypto ads.

The Promotional content of crypto-based companies was included in the Tiktok platform. 

The new sets of guidelines

The Tiktok branded content policy issued new guidelines on social media platforms. It inhibits the user from posting promotional content about financial products. Any type of promotional content related to a geographical location is banned. Financial services and products are banned or prohibited globally.

In 2020 TikTok was a den for doge. That was the time when users use to share videos at full speed to jump on the bandwagon. In recent months other social media platforms also hosted the financial market discussion. The discussion was with stock-related terms on Reddit.

The main reason

The irresponsibility and misleading financial advice is the main reason. The young investors who are not well versatile with financial terms get indulged in these activities and end up with serious financial trouble. Some of the influencers buy the stock at a high price and started selling them when the price gets dips. 

Tiktok is the platform to target young investors looking for a quick profit. The United kingdom’s Financial Conduct Authority reveals that the younger generation is getting involved in higher-risk investment. The report also suggests that 60% of young investors have dropped the investment and destroyed their future lifestyle.

It is still unclear that TikTok will ban all the financial products or just the promotional ones. Looking forward Google has banned all the crypto advertisements in 2018 but removed the ban for some of the entities now.


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Vandana Mrigwani

CBW - External Analyst

INDIA

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