Cryptocurrency

Social media giant TikTok bans crypto-related content

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Social media company TikTok updated its policy on branded content this week and is now putting a stop to crypto influencers.

This new policy is perceived to have implications for creators that rely on crypto and the broader financial landscapes for their published content.

The change and focus on “Financial Services and Products,” is without exemptions and encompasses, but is not limited to, topics such as crypto, loans and credit cards, trading platforms, forex trading, commemorative coins, investment services and more.

But even with this development, TikTok’s advertising policy remains the same, allowing financial services companies to advertise to people above 18 years old. Meanwhile, ads for cryptocurrencies and digital assets have already been banned from the platform.

TikTok now subject of scrutiny

In recent times, the social media network became a popular tool for financial information for young consumers.

Its ‘FinTok’ or ‘StockTok’ is a combination of speculation, exaggeration and actual financial insights or perspectives, acting as the financial corner of the platform.

While it certainly became an avenue for informed discussion about digital assets, TikTok ended up facing increased scrutiny because it allowed unregulated financial advice to be published on its platform.

Crypto ‘shilling’

The phenomenon, as it turns out, is not a rarity on social media channels nowadays and TikTok was not spared from it.

The most recent “shilling” was made by notable influences on FaZe Clan through the “Save The Kids” token. Speculations about the asset started to float and it remains to be seen if those who were pushing the token will face legal ramifications.

As for TikTok’s case, it is important to note that the platform’s audience is typically much younger, primarily catering to the Gen Z and young Millennial audience. Some say this is one of the reasons why it is now the subject of added scrutiny.

 

Image courtesy of Cointelegraph News/YouTube

Jet Encila

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Jet Encila

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