TikTok has added financial services and products including cryptocurrencies and pyramid schemes to the list of promotional content that is banned on its platform.
A report in the Financial Times said the move comes after users were warned against taking financial advice from TikTok videos over concerns it could be misleading, particularly for younger savers.
On its ‘branded content policy’ page, TikTok has added financial services and products to its list of ‘globally prohibited industries’.
The section includes lending and management of money assets, loans and credit cards, buy now pay later services, trading platforms, cryptocurrency, foreign exchange, debit and pre-payment cards, forex trading and pyramid schemes.
But “the real proof of TikTok’s commitment to cleaning up its act will be in how it enforces the policy to ensure that banned content is identified and removed quickly,” said Anthony Morrow, co-founder of financial…
