On Friday, July 9, TikTok announced it was now illegal to promote financial products and services globally in line with the platform’s branded content policy. TikTok no longer welcomes cryptocurrency, foreign exchange, management and lending of money assets, credit cards, loans, buy now pay later services, pre-payment cards, and debits and trading platforms. According to experts, the platform’s approach to enforcing the policy to quickly identify and remove banned content will be the true test.
What the experts have to say
We talked to experts Oleg Bevz, Marketing Director at Blockster and Tatyana Shpakovych, Product Manager at Blockster, a full-featured social network dedicated to the cryptocurrency and blockchain communities, on the crypto ban.
Oleg Bevz
Oleg Bevz is positive that the crypto industry can only profit from this ban. It’s a rapidly growing industry and the number of individuals and companies getting interested in crypto is perpetually on the rise. The industry will power its own development by reinvesting resources, especially if conventional markets continue to reject crypto. He added:
“TikTok banning crypto-related advertisements doesn’t sound in the least bit surprising. It just demonstrates once again that, despite the growing adoption, a number of traditional businesses still shun crypto. Legacy companies with a more conservative business approach try to steer clear of change and things they cannot fully control – in this case, cryptocurrencies, which are undeservedly connected to fraud and criminal activities in many minds.”
Tatyana Shpakovych
Tatyana Shpakovych says that considering the myriad of techniques TikTok has to make projects, services, and products go viral, the medium must be well aware of how common financial scams have become. She points out that the new ban applies to a lot of financial services and products,
