Tiktok has banned the advertisement of various financial services products such as investments and cryptocurrency, the Financial Times recently reported.
The social media platform’s branded content policy states that the promotion of all financial services and products is now globally prohibited.
Tiktok said that the banned products include lending and management of money assets, crypto, forex, pyramid schemes, investment services and get rich quick schemes and others.
The ban follows warnings and concerns that financial information from TikTok could be misleading. The FCA has also expressed its concerns over young individuals being at risk in investing, taking their information from social media.
The growing pressure has driven Google and other internet companies to take measures against scam ads showing on their platforms after fraud levels have risen, fueled by Covid. Last month, Google forced all financial services advertisers to indicate that they are authorized by the FCA.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.