Following the recent strict policies from the Chinese government, the video-sharing application is forced to ban all cryptocurrency promotional advertisements across all platforms.
Tik Tok recently posted changes to its content policy in accordance with the Chinese country-wide crackdown against cryptocurrency. All crypto-based advertisements and promotional content have been added to the ban list. According to the updated policy posted by the platform, as of now, all features, such as crypto payments, loans, credit card information, connected trading platforms, exchanges, coins, and any sort of investment services, have taken the lethal shot.
Tik Tok’s Warnings
Before the implementation of the ban, Tik Tok had previously been warning its user base, through a campaign, regarding the use of cryptocurrency and what might be coming in the future, as to let users take necessary actions to protect their work. The platform has also been involved in providing financial advice to its users who are still a bit too young to make crucial finance-based decisions that can make or break their careers. The campaign also had the assistance of Citizen Advice, which is a private company that helps people deal with legal issues such as debt, housing, taxes in the United Kingdom. Both companies worked together to provide youngsters with educational videos that would help them make better finance-based decisions.
Not all hope is lost
Despite all this, there is some hope, as it seems that the ban may be potentially lifted if the correct regulatory actions are taken, which may include regular content monitoring posted on the Application. Internet Giants such as Google and Facebook have slowly started to re-enable cryptocurrency-related advertisements, but only the ones who are accepted. Both companies will also bring some changes to their policies that will allow ad service only if the relevant exchanges, wallets, or general companies are regulated. However, Google and Facebook are still maintaining their ban on Initial Coin offerings because of criminal-based activities being conducted online.
As the revenue starts to kick in big, it is expected that cryptocurrency promotion will soon return to its normal state. If this situation becomes normal, many users will benefit from this as better content will be available to post in the form of advertisements.