The wildly popular social media app TikTok has updated its branded content policy to ban touting financial services which includes cryptocurrencies.
Social media giant TikTok has taken a drastic step toward not only banning cryptocurrency influencers on its platform but all creators promoting financial services, according to the Daily Mail. These include, but are not limited to, cryptocurrencies, buy now pay later companies, loans, credit cards, and Forex companies.
According to the report, the move is directly aimed at putting a stop to the worrying trend of high-risk investments being touted on social media. Many of these unsuitable high-risk investments are nothing more than various frauds, scams, or schemes. As a result of this shadowbanning, legitimate financial firms will also be affected and no longer be able to utilize influencers in the same way they do now.
The ability to advertise on TikTok is still an option for some, as the real issue lays…