TikTok Permanently Suspends Crypto & Financial Products’ Promotions & Ads by Imposing a Ban

One of the most popular and in fact the most used application of the current times is “TikTok”. The fame of this unique application is throughout the world and this is the reason why it has more than a billion users around the globe. Although it has users of more than a billion normally every month there are around 1 billion active users.

TikTok is an app for all ages. People of all ages actively use the TikTok app and enjoy watching videos and uploading videos and content of their own. The app was developed by a team of Chinese developers in China. However, the app has another name for itself in China as “Douyin”.

Very recently, the application has amended its policy through which it has banned all sorts of promotions. It was announced by app management that they have decided to ban all promotions with regard to any financial products. In addition, any promotions or adverts relating to cryptocurrencies too have been blocked permanently. The amended “Branded Content Policy” of TikTok states that any and all promotions relating to financial products and services have been banned. The ban shall also include immediate suspension of promotions relating to crypto products and services as well.

There were other products such as loans, debit or credit cards, crypto trading platforms, and offerings that too have been banned.

The decision was taken when TikTok management saw people seeking out information from the app regarding banned ads, products, etc. Before imposing a ban, the app issued a general warning asking people to avoid getting involved in promotional and advertising activities. However, the warning didn’t do much and people continued to promote products and sending ads therein. That is why the ban was imposed and implemented at once, said TikTok.

According to TikTok, the information coming from the users is not the information provided by TikTok. In fact, it is information that has been directly made available by the users. In case the information is found to be incorrect or damaging, then the blame would first come upon TikTok. In order to ensure disclaimed and not taking up the liability of the information, the ban has been imposed by TikTok.

It was informed by TikTok that it does not wish to see someone using the information and getting into trouble. In order to save the youth from becoming victims of misguidance, fraud, or theft, the company has decided to suspend such activities.

Martin Bamford, the top official from the TikTok app said that there are elements who are trying to make fool of TikTok users. They are asking users to promote their links by telling the users that they can make easy money. Because the users are following the person posting the promotions/ads therefore they start to believe and access third-party links. By using these unfamiliar links, the users end up encountering fraud.

Leave a Reply

Your email address will not be published. Required fields are marked *