TikTok has gone all against crypto as it has stopped crypto ads on the platform. This is quite a negative stance on the sector, but I probably understand why they have done this. A lot of promotion of financial products has been going on in TikTok. And to be honest, the ones promoting it have little to no knowledge about the subject. This is why it makes sense that TikTok has stopped crypto ads. In fact, they have made sure that financial products are excluded altogether from promotion on the platform.
The ban of crypto ads and other financial products on TikTok
TikTok’s new guidelines said that “The promotion of all financial services and products is now globally prohibited”. So, this ban has taken place globally and will be beneficial for uninformed users who were influenced by the dumb creators who promoted financial products without any knowledge about it. Do note that writing a disclaimer doesn’t make the promotion of such stuff right.
One report suggests that TikTok has been banning this to stop users from following affiliate links to 3rd party sites and apps. With the kind of influence, TikTok stars have, this is really necessary as we have seen quite a hype of Dogecoin on the platform in 2020.
TikTok has done a good thing
Users often lose money following what their favourite stars tell them to do on TikTok. While these stars themselves earn money, the followers who get embezzled in these tricks lose it all. This is why even Google banned crypto ads in 2018 but removed the ban with restrictions in 2021.
What are your thoughts on TikTok stopping crypto ads along with other financial products? And do you think this was a good step? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Apple’s co-founder Steve Wozniak calls Bitcoin a “Mathematical miracle”
