Tiktok back at it again with another ban.
TikTok, a massive social media platform, has announced that they are now placing a ban on promoting cryptocurrency on their platform.
In a report that was recently released, they said that TikTok influencers will no longer be allowed to promote financial services and products on their social media platform.
So what’s banned now?
The list of prohibited branded content includes loans, credit cards, pyramid schemes, get rich quick schemes, cryptocurrency, and other schemes that are similar with these ones.
The move is aimed at stopping the increasing misuse of the widely popular social media platform. Scams, commitment frauds, and dishonest behaviour are some of the many reasons why they placed this ban.
Also, this comes a couple of weeks after Beijing cracked down on cryptocurrency mining operations over “climate concerns”.
The move by Beijing has forced miners to shut their shops and move out of mainland China.
Another important note with this is that the company did not change their advertising policy in this major move.
Their advertising policy still allows financial services companies to advertise to people that are over the age of 18.
What are your thoughts on the ban by TikTok? Let us know what you think about it by leaving a comment in the comments section below!