TikTok will not allow cryptocurrencies and financial services
July 9, 2021
TikTok has announced that they will not allow cryptocurrencies and financial services. Tiktok will no longer host bitcoin and many other cryptocurrencies.
TikTok will no longer allow creators to feature cryptocurrencies and financial services in videos.
Cryptocurrencies are getting more and more popular day by day. The most popular of these, Bitcoin, does not fall off the agenda. Struggling with the bans of countries such as China and the USA, BTC was hit by a social media platform this time.
TikTok, the social networking app to short video format, changed its Branded Content Policy this week. Cryptocurrencies were also included in the scope of the policy, which set out some rules in order to protect both consumers and producers. Users will no longer be able to include promotional cryptocurrencies in their videos.
TIKTOK Cryptocurrency videos will be sanctioned
TikTok isn’t just about cryptocurrency videos; at the same time, it banned all financial services, especially foreign exchange trading, investment services, trading platforms. The statement made by the company included the following statements:
Lending and management of financial assets, loans and credit cards of money, pay now (BNPL) services, trading platforms, cryptocurrency, foreign exchange, debit and prepaid cards, currency trading, pyramid scheme (including non-financial services), investment Any financial service or product is prohibited, including but not limited to services, credit repair services, surety bonds, debt relief programs, get-rich-quick schemes, debt consolidation services, and penny auctions.
Producers who post such videos will be subject to the company’s enforcement mechanism. So how does TikTok treat those who violate the rules? After the first violation occurs, a warning is sent to the creator first. It was stated that he should not repeat the same mistake. After subsequent violations, a series of three-stage sanctions come into play:
Depending on the severity of the violation and previous violations, the account’s ability to upload videos, comment or edit your profile will be suspended for 24 or 48 hours.
An account will be view-only for 72 hours or up to a week. Won’t be able to post content or interact with publishers.
After several violations, the user will be notified if their account is on the verge of being banned. If the behavior continues, the account will be permanently removed.
TikTok announced that it is working on a technology that can detect whether a video shared by content producers is a rule violation during upload. He added that he will start using it from next week.