On its platform, TikTok prohibits influencers from advocating cryptocurrencies such as Bitcoin and Dogecoin.

TikTok, a Chinese-owned video-sharing app, has revised its sponsored content policy to prohibit all monetary goods and services from being promoted, especially influencers pushing cryptocurrencies, stock trading, and buy-now-pay-later programs. The change, according to the business, is intended to combat the growing use of massively popular social media sites to perpetrate frauds, forgeries, and unethical conduct which may impinge on people’s privacy. However, it comes only weeks following Beijing imposed a ban on bitcoin mining activities due to “environment concerns,” prompting miners to close up businesses and leave China. The new TikTok restrictions will affect legitimate financial companies, as they will no longer be able to employ influence marketing.

In the absence of the option to pay influencers or TikTok for marketing, cryptocurrency’s time on the site may be coming to an end. The company’s marketing policy, however, remains intact, allowing financial services businesses to promote to those above the age of 18.
All branded content publicizing financial products and services, including but not limited to loans and mortgages, purchase today pay for it later (BNPL) services, stock exchanges, cryptocurrency, currency trading, potential investment, and so on, is prohibited, according to TikTok’s updated policy under the heading “Globally Prohibited Industries.”

After the government banned the social networking platform in 2020, along with numerous applications from Chinese businesses, the policy is no longer available from India, which the government announced in January this year was a permanent ban. However, sources have verified TikTok’s new stance.
To expand their reach, several crypto-trading businesses utilize TikTok influencers, often known as “Fintok” advisers. As a result, some of them may provide false and uncontrolled financial advice regarding investing in assets such as Bitcoin and Dogecoin to young and inexperienced investors who want to increase their money rapidly but lack a thorough grasp of the market.

Google, like TikTok, has taken a firm position against fraudulent ads on its site. Google UK announced a few weeks ago that beginning in September, the firm will require financial services companies to authenticate their credentials in order to combat fraudulent ads on its network. Meanwhile, China’s crackdown on cryptocurrencies has intensified, with officials in Anhui province recently prohibiting trade in the highly volatile digital currency in order to reduce power usage to a tolerable level.

The operation started in late May, commencing with key mining centers such as Sichuan, Inner Mongolia, and Xinjiang, resulting in a catastrophic cyber financial meltdown. Prior to the shutdown, China was responsible for about 70% of worldwide Bitcoin manufacturing.

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