TikTok Influencers Banned from Promoting Cryptocurrencies

Wildly popular video-sharing app TikTok—which is partially responsible for the rise of meme cryptocurrencies like Dogecoin—has prohibited its users from promoting cryptocurrencies, The Daily Mail reports.

Apart from crypto, a slew of other financial services and products, such as loans, credit cards and forex trading, are also banned under the app's recently updated branded content policy.

Popular social media accounts usually receive a commission for endorsing certain products.

There were concerns that some unscrupulous users were taking advantage of young people's credulity and lack of investing skills.