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TikTok’s policy update, influencers will not be able to promote cryptocurrency on the app

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TikTok's policy update

HIGHLIGHTS :

  • TikTok has updated its Branded Content Policy.
  • Influencers on TikTok are known as Fintok consultants.
  • Google also took a tough stance on scam ads on its platform.

TikTok has updated its Branded Content Policy.

Chinese video-sharing app TikTok has updated its branded content policy to ban all financial services and products, including influencers promoting cryptocurrencies, share trading, and buy-now-pay-later (buy- now-pay-later) schemes. The company says the move is aimed at curbing the growing misuse of the popular social media platform to engage in fraud, scams and dishonest behavior that may violate one’s privacy. But miners were forced to close up shop and move out of mainland China just weeks after Beijing cracked down on cryptocurrency mining operations over “environmental concerns”. TikTok’s new rules will affect legitimate financial firms, which will no longer be able to use influencers for promotion.

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Influencers on TikTok are known as Fintok consultants.

Without the ability to pay influencers or TikTok for advertising, cryptocurrencies on the platform may expire. However, the company’s advertising policy that allows financial services companies to advertise to people over the age of 18 remains unchanged.

TikTok’s updated policy about cryptocurrency

In the updated policy, TikTok said under the heading “Globally Prohibited Industry” that all branded content promoting financial services and products is prohibited, including loans and credit cards.

Google also took a tough stance on scam ads on its platform.

But now includes Buy Now and Pay Later (BNPL) services, trading platforms, cryptocurrency forex, forex trading, and more. The policy is not accessible from India after the government banned this social media platform in 2020 along with several apps from Chinese companies. Which was confirmed by the government in January this year. It was a permanent ban. Although reports have confirmed the new policy of TikTok.

Many crypto-trading companies use influencers on TikTok, known as “Fintok” advisors, to expand their reach. Sometimes this results in misleading and misleading young and gullible investors about investing in assets like bitcoin and dogecoin.

The new rules could also affect legitimate financial firms, which will no longer be able to use influencers to promote their products.

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