TikTok no longer allows cryptocurrency advertisements

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There will most likely be no more Dogecoin hype on the site due to these new restrictions.

On Friday, TikTok stated that certain forms of advertisements would no longer be permitted on their site. According to an article published on July 8 by FT Adviser, crypto-based advertising content is now prohibited.

Regardless of the poster’s physical location, the new restrictions on the social video uploading site will expressly prohibit users from publishing promotional content regarding financial goods. According to the FT Adviser piece, TikTok‘s sponsored content policy now prohibits the marketing of all financial services and products internationally.

Martin Bamford, client education head at Informed Choice, told FT Adviser that his assessment of the situation is that [TikTok] is cracking down on directly or indirectly sponsored content that leads to an affiliate link, such as signing up for a trading platform and receiving free stocks.

In 2020, TikTok was a hotspot for Dogecoin (DOGE) excitement, with users sharing relevant videos in an attempt to persuade more people to come on board. Several social media platforms have featured noteworthy financial markets debates in recent months, with stock discussions on Reddit becoming increasingly popular.

“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’s unclear if TikTok‘s prohibition covers all financial product talks or just those that are purely promotional. In 2018, Google prohibited crypto ads. However, part of that restriction was lifted this year for select businesses, subject to specific conditions.

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