Social media platform TikTok has banned influencers from promoting cryptocurrency.
The ban, quietly introduced to its content policy this week, restricts what the platform calls “branded content,” or paid advertisements.
Branded content is clearly indicated on the short videos users upload to the app, often with the hashtag #ad and a link to the promoted product, like a sign-up link.
TikTok also banned influencers from promoting other financial products, such as loans, credit cards, forex trading, get-rich-quick schemes and penny auctions.
TikTok was a driving force behind the rise of several meme cryptocurrencies, including Dogecoin and Shiba Inu, because the social media platform’s algorithms prioritize engaging and playful content that resonates with young investors.
But TikTok’s ban only extends to branded content where there’s a direct commercial relationship. So there’s no ban on pumping cryptocurrencies for free, even though it could benefit those shilling the coin.