TikTok Bans Influencers from Promoting Cryptocurrencies

Short video platform TikTok now prohibits all advertising and promotional content from influencers related to financial service products, including cryptocurrencies, stock trading, and pay later

this effort is aimed at stopping a wave of high-risk investments, which are inappropriate until fraudulent measures are promoted on social media.

On the other hand, this ban will also have an impact on popular companies or financial services.
For information, banks and fintech have now started to use advertising and partner with influencers on TikTok.

This prohibition applies to all financial products or services globally, including for advertising services on user accounts over 18 years of age.

TikTok has previously come under scrutiny for allowing illegal financial services it believes can mislead young investors. The Financial Conduct Authority previously warned that young, financially vulnerable investors could be swayed in high-risk investments.

"We fear that some investors will be tempted, from online advertising or other sales tactics, to buy high-risk products that are not very suitable for them," the regulator said in March.

Apart from TikTok, another technology company that applies the same policy is Google. They have announced that they will eradicate advertisements containing fraudulent investments circulating in the UK.