TikTok bans sponsored posts relating to cryptocurrency, investment services, and trading platforms
- TikTok has banned creators from publishing sponsored content related to cryptocurrencies and investing services.
- The social media app's branded content policy also bans the promotion of weapons, alcohol, and gambling.
- TikTok said the policy is "designed to ensure a safe and positive environment" for users.
TikTok has banned creators from publishing sponsored content related to finance including investment services and cryptocurrencies.
The Financial Times first reported last week that the social media platform updated its branded content policy, which bans the promotion of industries like alcohol, weapons, and gambling, to include financial services on its list of prohibited content.
The social media platform is awash with financial content, with the hashtag "#investing" gaining over 2.8 billion views. The ban appears to only apply to sponsored content, not general videos discussing cryptocurrencies and investments.
Errol Coleman, a TikTok financial content creator with 264,000 followers, said the recent news that a large esports organization was promoting a token that could have been a scam on social media may have propelled TikTok to tighten its policies.
"There are many accounts now promoting questionable cryptos and other investments," he added. "I believe that is where TikTok is seeing the issue."
Coleman doesn't post sponsored investment content and therefore won't be affected by the ban.
TikTok's ban comes as financial regulators warn investors to watch out for fraudulent investing advice and information. In December, the SEC said it experienced a significant uptick in tips, complaints, and referrals involving investment scams.
The social media platform said its branded content policy is "designed to ensure a safe and positive environment" for TikTok users.
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