TikTok says no to crypto ads, but it may be short-lived 

TikTok would not be an advocate of cryptocurrencies, for now. 

In its updated policy on branded content, the video-sharing app said that ads related to financial services and products would be prohibited from the platform. 

The updated policy also prevents cryptocurrency, forex trading, pyramid schemes, and even lending services from placing ads on TikTok. 

The platform isn’t solely targeting cryptocurrencies but financial services that might cause misleading information on investors, especially the young ones. 

In fact, TikTok recently partnered with Citizens Advice, an independent organization specializing in financial counseling for UK citizens, to kickstart a special campaign. 

In the campaign, the two informed TikTok users about the big importance of gaining reliable and research-backed financial advice. 

Not bad for crypto

Even with TikTok’s tighter rules on advertisements and content, it appears that these things can do more good for the cryptocurrency. 

According to Martin Bamford, head of client education at Informed Choice, these tight rules would prevent shady and unreliable crypto deals from swaying users. 

He also added that there are commentators who promote crypto products and services which they don’t fully understand. What they care about are the profits they will get from the people who sign up on their affiliated links. 

TikTok might relax its policy

Many analysts are speculating that TikTok’s strict policies would tone down sometime in the future. They based their prediction on other tech giants’ decisions over the past years on their crypto ban. 

Facebook is now allowing carefully selected crypto promotions that have a clear track record on reliability to place their ads on its platform. Google, for its part, has allowed crypto ads again after its three-long-year ban. 

 

Image courtesy of Cointelegraph News/YouTube

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