TikTok, a Chinese video-sharing service, now bans for promoting cryptocurrency, the Financial Times Adviser reports. According to the updated version of Branded Content Policy, cryptocurrencies are now prohibited for advertisement.
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"All financial services and products are prohibited, including but not limited to lending and management of money assets [...] cryptocurrency," the TikTok's Branded Content Policy says.
The move comes after the Advertising Standards Authority (ASA) said it is planning to put more pressure on regulating cryptocurrency-related advertisements in the UK. According to Miles Lockwood, Director of Complaints and Investigations at ASA, the UK watchdog will crack down "hard and fast" on cryptocurrency-related advertisements as the regulator sees them as a "red alert" priority.
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