TikTok is banning all promotional content related to cryptocurrencies on its platform in an effort to create a safer and more positive environment for its users.
In an updated version of its branded content policy, TikTok says it is prohibiting content that promotes financial products and services, including crypto.
The policy update also involves content relating to loans, credit cards, forex trading and investment services.
“All financial services and products are prohibited, including but not limited to lending and management of money assets, loans and credit cards, buy now pay later (BNPL) services, trading platforms, cryptocurrency, foreign exchange, debit and pre-payment cards, forex trading, commemorative coins, pyramid schemes (including non-financial services), investment services, credit repair services, bail bonds, debt assistance programs, get rich quick schemes, debt consolidation services and penny auctions.”
The ban comes a few months after the UK’s Financial Conduct Authority (FCA) issued a warning that young investors are engaging in high-risk investments in cryptocurrencies and foreign exchange. Nearly 50% of TikTok users are 29 years old or younger.
“The findings reveal there is a new, younger, more diverse group of consumers getting involved in higher-risk investments, potentially prompted in part by the accessibility offered by new investment apps. However, there is evidence that these higher-risk products may not always be suitable for these consumers’ needs as nearly two thirds (59%) claim that a significant investment loss would have a fundamental impact on their current or future lifestyle.”
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Featured Image: Shutterstock/Mia Stendal
