TikTok has made it illegal to promote financial services offerings, such as investments and cryptocurrency.
The marketing of all financial services and products is now banned globally, according to TikTok’s policy.
It comes after people were urged not to use TikTok to get financial information since it could be misleading.
The Financial Conduct Authority has expressed concern about young people seeking for investments online, claiming that social media is partly to blame for young investors taking on too much risk.
This is part of TikTok’s current policy, which forbids the loan of money assets, digital currencies, foreign exchange, investment services, pyramid schemes, and get-rich-quick scams.
Individuals and celebrities have already been warned against delivering investing advice by the platform.
TikTok expressed concerns about young investors being swayed by false ideas with large returns.
The move is part of TikTok’s recent push to provide financial education access on its platform.
In June, the company announced a collaboration with Citizen Advice, a non-profit organization based in the United Kingdom that provides confidential information and advice to people dealing with legal, debt, consumer, housing, and other issues, to add videos to the social media platform that focused on making better financial decisions.
TikTok stated at the time that the partnership will assist its users become more confident and aware of financial misconceptions, as well as provide them with access to the necessary tools and channels for receiving reliable guidance.
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