TikTok has started removing cryptocurrency-related content from its platform as the company recently updated its branded content policy, CNBC has learned. Cryptocurrency content creators warn they will leave the platform if the company stays on its newly-selected way.
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“It is left my account on such a razor's edge. We are dying out here. We are floundering. We have tried to build a community and guide this whole movement in the right direction," said Dimos, a tiktoker with over 314,000 followers.
Content creators also say they have to avoid words like "Binance," "decentralized finance," "bitcoin" or "ethereum" in a video without it getting removed. They believe TikTok uses some sort of philter for those words, which triggers an automatic takedown. Some content creators said they have already begun building up new accounts on YouTube and Discord.
As iHodl earlier reported, the Chinese video-sharing service prohibited cryptocurrencies for advertisement. The ban follows statements from Deputy Governor at People's Bank of China (PBoC), Fan Yifei, who warned that cryptocurrencies like bitcoin (EXANTE: Bitcoin) and stablecoins pose threat to China's financial stability. He also called for the separation of private digital currencies and central bank digital currencies (CBDC).
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