Tiktokers will be limited in what they want to promote to make money. Here we show the list.
TikTok has been one of the networks from which influencers have moved the price of cryptocurrencies, as happened last year when the price of Dogecoin, Cardano
and other crypto was inflated by tiktokers.
But now, this will no longer be possible. TikTok
cracked down on influencer promotions that talk about cryptocurrencies, stock trading and finance due to growing concerns about scams. But not only that, they also can’t talk about products related to sex, alcohol, cigarettes, among others.
It is worth noting that it specifically talks about tiktokers who do branded content
, that is, who receive commissions, products or promote their own trading in these areas.
The measure aims to stem a rising tide of unsuitable high-risk investments and scams being promoted on social media, but it will also affect reputable financial firms, the Daily Mail
It adds that banks and fintechs have realised the benefits of advertising and partnering with influencers on TikTok. Plum, the post-regulator savings and content app from Monzo and Revolut
, has collaborated with authentic fintok voices. But these new rules will put an end to that, the media outlet clarifies.
Their concerns center on younger investors potentially being ripped off.
It should be clarified that the new policy focuses on influencers. But financial companies can advertise on the network, paying the respective advertising. Its advertising policy, which allows financial services companies to advertise to people over the age of 18, remains unchanged. But ads promoting virtual currencies and cryptocurrencies are already banned, as are pyramid schemes and get-rich-quick schemes.
Changes to their content policy
We reviewed the new content policy and found that not only crypto and financial services are banned from being promoted by influencers: also alcohol, cigarettes, drugs of any kind, dating services, 15+ movies, gambling games, political content, food supplements, sex toys, immigration services, animal trafficking, among others you can see in this list
As you can see, it is a list that mixes illegal activities with others that are not, but that the network considers may influence the activity.
entice younger users (many TikTok users are kids).
Here’s what it says especially about finance and cryptocurrencies:
– Financial products and services: all financial products and services are prohibited, including but not limited to monetary asset lending and management, loans and credit cards, buy now, pay later (BNPL) services, trading platforms, cryptocurrencies, currency exchange, debit and prepaid cards, currency trading, commemorative coins, pyramid schemes (including non-financial services), investment services, credit repair services, bail-in, debt assistance programs, get-rich-quick schemes, debt consolidation services, and penny auctions.
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