TikTok has banned influencers from advertising cryptocurrencies. TikTok has made a new content policy update that will also concern the phenomenon that promotes cryptocurrencies on the platform. With the new update, advertising on many financial topics, from cryptocurrencies to credit and credit cards, is prohibited.
TikTok, whose area of influence is expanding day by day with its growing audience, is constantly making updates to improve and improve the service it offers to its community. Although the application, which is used extensively by the Z generation, has been criticized in many ways, this situation could not hold it back from being the most downloaded mobile application of the first half of 2021.
A new policy update shows that TikTok aims to prevent misleading financial promotions that can spread on the platform. Adding ‘financial services and products’ to the list of globally banned industries, TikTok will prevent phenomena on the platform from making misleading cryptocurrency promotions.
It warned users about misleading ads:
The intense interest shown to cryptocurrencies by the Z generation, which is the main audience of TikTok, allows misleading information that does not reflect the facts on this subject to be easily spread. Anthony Morrow, co-founder of financial advisory service OpenMoney, states that the #bitcoin hashtag received more than 4.4 billion views on TikTok, and similarly, hashtags such as #cryptocurrency and #investment reached billions of views.
While Morrow says that it is extremely important to implement the decision taken, the crypto community generally supports this decision. Because the speculation and misleading information spread on TikTok caused some shitcoins to be ‘pumped’. This was a situation that put investors in a difficult situation. Although TikTok warns users about this issue, the fact that it allows the situation on the one hand caused it to gather arrows of criticism.
The ban does not only cover cryptocurrencies. The new policy update covers a wide area such as credit cards, loans, all financial transactions, foreign exchange and investment advice. It is not yet known what kind of implementation process will be carried out with the ban.