- TikTok banned cryptocurrency promotion by users over the weekend
- Cryptocurrency was added to the list of banned promotional items and services over the weekend
- TikTok helped DOGE to rally to $0.75 in the last bull run as well as helping meme coins go crazy
TikTok changed its policies over the weekend to ban cryptocurrencies from being touted on the platform. TikTok has a list of items that are not allowed to be promoted on the site, including drugs, weapons, and live animals, and cryptocurrency has now been added to this list. TikTok was instrumental in the huge rise in the DOGE price during the last bull run, but it seems that influencers are going to have to go about promoting their coins of choice in a more inventive way or abandon the practice altogether.
TikTok Slips In Crypto Ban
TikTok did not announce the ban but instead quietly changed its Branded Content Policy to include the prohibiting of cryptocurrencies alongside all other financial services and products:
TikTok already bans “Ads promoting virtual currencies/cryptocurrencies (e.g. bitcoin and ethereum), as well as cryptocurrency trading platforms and advisory services are prohibited” in many countries, including the UK and U.S., but this new addition to the rulebook means that newer cryptocurrencies that relied on TikTok influencers to market their products to consumers will not long be able to.
Meme Coins Will Have to Find a New Pump Home
TikTok was a notable contributing factor to DOGE enjoying a record-breaking run to $0.75 this year, while the raft of meme coins that took off towards the end of the run can also thank TikTok for their sudden prominence. One very popular TikTok contributor, Teen Crypto Executive, recently moved to Twitter after TikTok began clamping down on his crypto-related activities, and many other popular influencers may find themselves following in his footsteps.