TikTok, the popular short video making app, has moved to bar all sorts of digital asset ads on its platform, along with other financial services. This is not the 1st time a renowned social network has prohibited virtual asset advertising.
TikTok recently updated its Brand Content Policy. The company noted that all types of financial services and products are now prohibited from the social media app. These include digital currencies, pyramid schemes, trading platforms, loans, “get rich quick” schemes, credit cards, and some others.
TikTok, Dogecoin And Meme Cryptocurrencies
The social media company asserts the move is to end the surging rate of cryptocurrency-related and other investment swindles and schemes promoted on the app. Nevertheless, the absolute prohibition will also affect legal financial-related establishments that use the platform to promote their products.
The social media platform became a preferred application for promoting meme-inspired virtual assets after the DOGE hype, last year.
Dogecoin, Shiba Inu And ICOs
Ensuing the magnificent feat, a couple of Dogecoin copycats began paying TikTok influencers to promote their Defi or crypto projects, anticipating to get an identical publicity recorded by Dogecoin.
In the interim, TikTok is not the 1st social media platform to prohibit digital asset advertisements. In 2018, Facebook prohibited all ads promoting virtual currency services and products during the ICO trend. Even though the social media giant later reversed the prohibition on some of the digital asset advertisements that same year, it was seen censoring BTC-focussed content again, last year.