TikTok bans crypto advertisements

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Last Update: September 21, 2022

2 mins read

TikTok has become the latest social media platform to take a dim view of crypto ads.

In a report on Friday by FT Adviser, the short-video sharing platform announced that certain types of crypto advertisement will no longer be available.

The company is prohibiting users from posting promotional content that advertises financial products related to crypto. This measure applies globally and won't be applied to individual geolocations only.

“According to TikTok's branded content policy, the promotion of all financial services and products is now globally prohibited”, the article read.

TikTok contributed to some of the big hype around cryptocurrencies, with many crypto buffs finding the platform a fertile ground in 2020 when people were posting videos canvassing for further support for dogecoin, described at the time as a “hit or miss” opportunity.

According to FT Adviser client education head Martin Bamford much of the promotional content hitherto allowed contained affiliate links taking consumers outside the platform.

“We see a huge amount of this branded content on TikTok, usually from poorly informed commentators, who lure in followers with promises of riches, but in reality are making their money off people signing up via affiliate links”, Bamford said.

Reigning in non-experts who try to advise uniformed consumers on the “right” crypto investment moves may not be a bad thing. If anything, it signals that more companies are taking cryptocurrencies seriously as an indelible part of the current financial system.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.
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