Media: TikTok begins crackdown on paid cryptocurrency advertising

TikTok cracks down on paid crypto promotions.

The social network TikTok has banned the promotion of digital assets and begun a crackdown on bloggers promoting cryptocurrencies. The Daily Mail reports this.

According to the publication, the measure aims to curb the growth of popularity of unreliable high-risk investments and fraud. Advertising for loans and credit cards, instalments and trading platforms has also been banned.

TikTok’s advertising policy allows promoting services of financial companies among audiences aged 18 and over. According to Decrypt, the new ban applies only to paid advertising campaigns.

In the summer of 2020, the price of Dogecoin surged by more than 100% amid viral videos on TikTok.

In 2021, user Adin Shachtel predicted that meme cryptocurrency would rise to $3,000 “in less than a few months,” but the price did not reach even $1.

This analyst predicts Dogecoin will equal Ethereum in price in less than a few months! h/t @CryptoWendyO pic.twitter.com/AaXHAyDJKP

— TikTok Investors (@TikTokInvestors) May 4, 2021

TikTok astrologer Maren Altman used horoscopes to forecast changes in cryptocurrency prices.

happy monday here’s a bitcoin astro update xo pic.twitter.com/LQjII33zk5

— ⚔️ MAREN ⚔️ (@marenaltman) January 18, 2021

In May 2021, a TikTok user jokingly created the SCAM coin. Its market capitalization surged to $70 million in an hour.

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