TikTok Bans Promotion of Various Financial Services Products, Forex and Crypto Included

China’s social media giant TikTok has banned contents that promote multiple financial services products, including foreign exchange and cryptocurrency.

According to the company’s “Branded Content Policy”, other banned products and services include lending and management of money assets, loans and credit cards, trading platforms, pyramid schemes, and investment services.

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The latest ban relating to cryptocurrency, as per TikTok’s advertising policies, involves most countries, including the U.S. and the U.K. TikTok has banned advertisements promoting virtual currencies/cryptocurrencies like bitcoin and ethereum, and prohibited cryptocurrency trading platforms and advisory services.

The company’s move followed reportedly a warning given to individuals about taking financial information from TikTok as it may be misleading and hurt young savers.

Martin Bamford, head of client education at Informed Choice, commented: “We see a huge amount of this branded content on TikTok, usually from poorly informed commentators, who lure in followers with promises of riches, but in reality are making their money off people signing up via affiliate links.”

Previously, many users have been leveraging TikTok to promote cryptocurrencies, especially the recently preferred dogecoin (DOGE). Prices of a few cryptocurrencies have even been ramped up by some Tiktok videos.