TikTok Has Banned the Placement of Crypto Ads
The TikTok content platform has banned users around the world from posting ads related to the cryptocurrency industry, as it promotes one of the topics forbidden in China.
According to the new rules, users are not allowed to publish the advertising materials about financial products. It is now banned for all TikTok users worldwide, the FT Adviser article detailed.
Informed Choice’s head of customer education, Martin Bamford, explained that in this way TikTok restricts sponsored content that leads to an affiliate link, for example, to register on a trading platform or receive free promotions.
He added that there used to be an unmeasured amount of branded content on TikTok from people who were simply profiteering on people following the affiliate links.
It is not clear yet whether the TikTok ban applies to all discussions of financial products or only those that are of an advertising nature.
As you know, China began to tighten its policy towards the cryptocurrency industry back in the spring. In May, three associations under the People’s Bank of China (PBC) issued a notice prohibiting companies from supporting cryptocurrency-related businesses. They also recommended that Chinese residents refrain from investing in cryptocurrencies and reminded that such operations are not protected by law.
Since then, crypto-mining industries and exchanges have been closed. They all leave China en masse, seeking refuge in other countries. But some are trying to reason with the PRC authorities. For example, Zhang Nangeng, CEO of Nasdaq-listed Bitcoin mining hardware company Canaan Inc, said that China should allow mining for green energy users.