Popular platform TikTok has changed its user content policy. The ban affected financial services and products, as well as bloggers advertising cryptocurrencies, asset trading and other financial schemes. According to the TikTok administration, these measures were taken due to the fact that more and more scammers appear on the service.
The restrictions were introduced shortly after the Chinese government imposed a complete ban on cryptocurrency mining across the country. TikTok’s new measures will have a direct impact on bona fide financial institutions that have previously promoted their services through TikTok.
The updated text of TikTok’s advertising policy talks about a complete global ban on branded promotion of financial services and products, including loans, credit cards, installment payment services, trading platforms, cryptocurrencies, exchangers and others.
Until now, many cryptocurrency trading companies have published recommendations for investing in cryptocurrency. Young users of the social network, striving to get rich quickly, took such recommendations as a guide to action, without trying to figure out the nuances. As a result, such stories often ended sadly.
ByteDance’s TikTok short video service continues to gain popularity despite being blocked in various countries. According to SensorTower, the app has been downloaded over 3 billion times from App Store and Google Play stores worldwide.