TikTok, a very popular video-sharing application that is partly responsible for the rise of meme cryptocurrencies like Dogecoin, has banned its users from promoting cryptocurrencies, stated British Newspaper.
Apart from cryptocurrency, TikTok has recently modified branded content policy which prohibits many other financial services and products, including loans, credit cards, and forex trading.
For promoting certain products, popular social media profiles are generally paid.
To cater to the app’s young consumers, several big fintech businesses, such as Revolut, would work with “fintok”(a very particular corner of the country’s fastest-growing social media app) influencers.
On the other hand, the new policy will put an end to such collaborations.
There were fears that some fraudulent users were looking for young people’s gullibility and with the lack of investment knowledge.
The firm has also improved its approach to user safety by implementing a system that deletes any films that breach its guidelines instantly:
“Over the next few weeks, we’ll begin using technology to automatically remove some types of violative content identified upon upload, in addition to removals confirmed by our Safety team.”
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