Social media platform TikTok has banned the promotion of various financial services products including investments and cryptocurrency. According to Ti

TikTok bans investment promotions

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2021-07-10 13:00:05

Social media platform TikTok has banned the promotion of various financial services products including investments and cryptocurrency.

According to TikTok’s branded content policy, the promotion of all financial services and products is now globally prohibited.

The platform said its policy included, but was not limited to, lending and management of money assets, cryptocurrency, foreign exchange, pyramid schemes, investment services and get rich quick schemes, including others.

It comes after individuals were warned about taking financial information from TikTok over concerns it could be misleading and catch out younger savers.

The Financial Conduct Authority has also voiced concern over young people looking for investments online, saying social media was partly responsible for young investors taking on too much risk when investing.

Martin Bamford, head of client education at Informed Choice, said: “My interpretation of this is [TikTok] are clamping down on directly or indirectly sponsored content which leads to an affiliate link, for example to sign up to a trading platform and get free stocks.