TikTok has banned its users from advertising financial services on the short video platform, in the latest move by a social media company to curb scams and bad advice.
The rules, which are part of the group’s branded content policy, state that output promoting all financial services and services is prohibited.
Branded content is typically created by users in exchange for payment or free gifts from a brand. Companies might pay ‘influencers’ with large followings to advertise products and services on their own profiles.
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Examples of banned products listed by TikTok include loans, credit cards, buy now pay later (BNPL) services, cryptocurrency, forex trading, and get rich quick schemes.
“We know that social media influencers are fuelling demand for day trading and unregulated investments like cryptocurrencies by talking up the potential returns without explaining the enormous risks…