TikTok bans crypto ads

TikTok bans crypto ads

The popular app has updated its branded content guidelines and has set stricter rules. Now, it is forbidden for users to advertise cryptocurrencies and other financial products.

TikTok states:

All financial services and products are prohibited, including but not limited to lending and managing financial assets, loans and credit cards, Buy Now Pay Later (BNPL) services, trading platforms, cryptocurrencies, foreign exchange, debit and pre-payment cards, forex trading, get rich quick schemes, debt consolidation services, and penny auctions.

Protecting young users

Due to many questionable financial ads in recent months, TikTok was forced to ban crypto ads. Short videos could quickly mislead young investors, forcing the social media giant to crack down.

Across the world, regulators are increasingly moving in one direction to create a unified regulatory framework for new types of digital financial products. Even the world’s largest crypto exchange, Binance, is coming under increasing pressure as many states no longer readily recognize its licenses.

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