TikTok has banned promoting all sort of financial products and services including related to cryptocurrencies and financial plans. According to TikTok’s branded content policy, the promotion of all financial services and products is now globally prohibited.
TikTok’s move came after individuals were warned about taking financial information from TikTok could be misleading and loss young savers.
TikTok was a hotbed for Dogecoin (DOGE) hype in 2020
These new guidelines probably mean there won’t be any more Dogecoin hyping on the platform. Many people have been using TikTok to promote cryptocurrencies, including the popular meme-crypto dogecoin.
All financial services and products are prohibited, including but not limited to cryptocurrency.TikTok
The company also prohibits ads relating to cryptocurrency. TikTok bans Ads promoting virtual currencies/cryptocurrencies as well as cryptocurrency trading platforms and advisory services are also prohibited.
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.Martin Bamford – Choice’s Client Education Head
My interpretation of this is TikTok are clamping down on directly or indirectly sponsored content which leads to an affiliate link, for example to sign up to a trading platform and get free stocks, Martin added.
It is unclear as to whether TikTok’s ban applies to all financial product discussions, or just those which are promotional in nature.