Popular social media platform TikTok updated its content policy this week, and the social media giant is putting an end to the era of cryptocurrency phenomena. The policy could have implications for creators whose content is based on cryptocurrencies and the broader financial landscape.
The new banned content group is “Financial Services and Products”, although the policy change has some exemptions. This category includes topics including but not limited to cryptocurrencies, loans and credit cards, trading platforms, forex trading, commemorative coins, investment services, and more. However, TikTok’s advertising policy remains the same, currently allowing financial services companies to advertise to people over the age of 18. Despite this, advertisements for cryptocurrencies and digital assets are already prohibited on the platform.
TikTok has become an emerging tool for financial information for young consumers. The financial corner of the platform, called “FinTok” or “StockTok,” is a tremendous mix of speculation, hyperbole, and real financial insights or perspectives. As an extension of this, TikTok has recently faced increased scrutiny for allowing unregulated financial advice across the platform.
Positive Reactions From The Crypto Community
A portion of the cryptocurrency community reacted positively to this ban. Because, as it is known, some coins, which are described as “shitcoin”, were pumped on this platform, causing investors to lose.