TikTok reportedly started banning cryptocurrency ads
Chinese short video service TikTok had recently changed its user-generated content policy as it reportedly started banning cryptocurrency ads.
The said ban included financial services and products, as well as bloggers advertising cryptocurrencies, asset trading, and other financial schemes.
According to the administration of the service, they took those measures because of the fact that more and more fraudsters appeared in the service.
TikTok’s new restrictions took place shortly after the Chinese government implemented a complete ban on cryptocurrency mining throughout the country.
Gizchina reported that TikTok’s new measures will have a direct impact on bona fide financial institutions that have previously promoted their services through the site.
The updated text of TikTok’s advertising policy talked about a complete global ban on branded promotion of financial products and services — including but not limited to cryptocurrencies, credit cards, loans, installment services, exchangers of foreign exchange, trading platforms, and others.
Based on a report, many companies specializing in cryptocurrency trading had been cooperating with influencers on the platform until now. Such influencers were called “Fintok advisors”.
Prior to this, ByteDance had reportedly started selling TikTok’s AI to other firms as it had launched a new division called “BytePlus”.
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