Social media giant TikTok will not feature crypto ads anymore as the new guidelines mean there won’t be any more dogecoin hypes on the platform so let’s read more in our latest crypto news today.
TikTok announced on Friday that crypto ads will no longer be allowed on the platform because crypto-related promotional content is included among the forbidden topics according to the article from FT Adviser. The new guidelines on the social media giant will inhibit users from posting promotional content about financial products regardless of the geographic location. The article detailed:
“According to TikTok’s branded content policy, the promotion of all financial services and products is now globally prohibited.”
TikTok was a hotbed for DOGE back during the 2020 hype when users shared related videos in an effort to get more people to join. Other social media sites hosted notable financial markets discussions in the past few months with stock discussions on Reddit being the most prominent ones. The client education head of Informed Choice Martin Bamford said:
“My interpretation of this is [TikTok] are clamping down on directly or indirectly sponsored content which leads to an affiliate link, for example to sign up to a trading platform and get free stocks. 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.”
It is unclear as to whether TikTok’s ban applies to all of the financial product discussions or just those that are promotional in nature. Google banned crypto ads in 2018 but it also removed part of the ban this year for some businesses, pending certain requirements.
As recently reported, The owner of the major social media app TikTok, ByteDance, is apparently launching a joint venture with the state-owned Chinese media group and ThePaper.cn operator Shanghai Donfang Newspaper in order to develop business models which will include blockchain and artificial intelligence (AI). Meanwhile, TikTok is a giant and a social network with more than 500 million monthly active users. As such, it is the second most downloaded app in the Apple App Store in the United States. The short video feed is completely managed by a purpose-built AI which predicts and delivers content that the user will likely prefer.
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