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Popular social media platform Tiktok banned its users from promoting all financial products and services including those related to cryptocurrency.
Tiktok’s move comes after individuals were warned about taking financial information from Tiktok over concerns it could be misleading and hurt young savers.
The platform’s “Branded Content Policy” states that:
All financial services and products are prohibited, including but not limited to … cryptocurrency.
Other prohibited products and services listed as examples are lending and management of money assets, loans and credit cards, trading platforms, cryptocurrency, foreign exchange, pyramid schemes, and investment services.
During the latest bull-run, many people have been using Tiktok to promote cryptocurrencies, including the popular meme-crypto dogecoin (DOGE). Undoubtedly some videos have helped pump the price of certain assets.
Tiktok also bans advertisements relating to cryptocurrency. In most countries, including the U.S. this is defined as:
“Ads promoting virtual currencies/cryptocurrencies (e.g. bitcoin and ethereum), as well as cryptocurrency trading platforms and advisory services are prohibited.”