TikTok cracks down on crypto, share trading and finance influencer promotions amid mounting concerns over scams
- Social media platform TikTok bans promotion of financial services companies
- It includes investments, buy now pay later companies like Klarna and crypto
- Advertising on the platform will still be allowed, as crackdown is on influencers
Social media platform TikTok has launched a crackdown on influencers’ promotion of financial services products, including cryptocurrency, share trading and buy now pay later.
The move is aimed at halting a growing tide of unsuitable high-risk investments and frauds being promoted on social media, but will also hit reputable financial firms.
Banks and fintechs have cottoned on to the benefits of advertising and partnering with influencers on TikTok. Monzo and Revolut post regulator…