TikTok Restricts Influencers to Promote Cryptocurrencies

The Chinese firm TikTok has revised the Branded Content Policy for its video-sharing app to ban any financial services and commodities, including cryptocurrency marketing influencers, equities traders, and subsequent buy-in systems. The company says it does not use the extremely popular social media platform to commit fraud, fraud, and misconduct, which can break someone's privacy.

But it was just weeks after Beijing divided its workers into "climate concerns" over bitcoin mining. Moreover, new TikTok rules will impact genuine financial firms that will no longer market their products with influencers.

The app's advertising policy remains unchanged and allows financial services companies to advertise with those older than 18 years of age.

In its amended policy, TikTok stated that its entire brand content would be restricted only to credit and loan cards and that the subsequent acquisition of premium services (BNPL), advertising platforms, conflict currencies, foreign trade, foreign currency trading, etc., under "Banned Global Industries" would be strictly prevented. However, reports confirmed TikTok's new policy.

TikTok is a hub for high-demand branded influencers. However, the bitcoin business hesitates not to pay celebrities in return to endorse a brand in its area.

Several cryptocontradors exploit the influence of TikTok to promote companies known as Fintok consultants. Sometimes new, inexperienced investors desire to get more money and provide wrong, unregulated financial advice on investments in Bitcoin and other cryptocurrencies without appropriate market understanding.

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