ROOT
TikTok cracks down on crypto promotions: Will other social networks follow?
The popular video-sharing social network is cracking down on crypto promotions and other financial services.
TikTok cracks down on crypto promotions: Will other social networks follow?
The popular video-sharing social network is cracking down on crypto promotions and other financial services.

TikTok has amended its branded content guidelines and will no longer allow for promotions of cryptocurrencies like dogecoin or Shiba Inu.
The platform’s new policies around such content also prevent the advertising of buy now, pay later services like Afterpay, traditional credit cards and loans plus a slew of other financial products and services.
As per the TikTok website, “all financial services and products are prohibited, including, but not limited to, lending and management of money assets, loans and credit cards, buy now pay later (BNPL) services, trading platforms, cryptocurrency, foreign exchange, debit and pre-payment cards, forex trading, commemorative coins, pyramid schemes (including non-financial services), investment services, credit repair services, bail bonds, debt assistance programs, get rich quick schemes, debt consolidation services and penny auctions”.
However, an important detail to note here is that these guidelines only cover branded content where there’s an explicit and direct commercial relationship. There’s nothing here that’ll stop influencers from dispensing financial advice or spruiking a volatile cryptocurrency that they might hold in their portfolio.

Sometimes known as finfluencers or finance influencers, the proliferation of amateur investment advice on platforms like Instagram, Clubhouse, Reddit and TikTok present new challenges for both regulators and stakeholders in the financial advice and services industry.
However, speaking at the recent Stockbrokers and Financial Advisers Association annual conference, the federal Minister for Superannuation, Financial Services and the Digital Economy Jane Hume played down the potential of social media influencers to dispense financial advice.
“The TikTok influencer spruiking Nokia is not that different to the bloke down at the pub who wants to tell you all about the really great company he just invested in – but with a much louder voice.”
“This isn’t financial advice, but as has been the case since taxi drivers started giving stock tips, it is an inevitable part of a financial ecosystem,” she said.
How do TikTok’s policies compare with other social networks?
In comparison with other social networks, the range of products covered by TikTok’s new policies are much broader.
Facebook only bans the promotion of “financial products and services that are frequently associated with misleading or deceptive promotional practices”, such as initial coin offerings (ICOs) and contract for difference (CFD) trading.
Ironically, Twitter’s approach is more nuanced. Their policy outright prohibits payday loans, cash loans, ICOs, cryptocurrency token sales, binary options and bail bonds. More conventional financial products and services like banks, loans, mobile payments, mortgages, debt relief, insurance and currency and crypto trading apps are allowed but subject to certain restrictions.
Even if they’re unlikely to address some bigger concerns around finfluencers using the platform, TikTok’s new policies represent a much more hard line stance than that of other social networks.
Speaking to nestegg, RMIT’s Angel Zhong predicted the move would curb the distribution of unlicensed financial advice on the video-sharing platform.
“This is a very good move by TikTok, given the increasing reports of crypto investment scams online and that finfluencers have been encouraging pump-and-dump behaviour in crypto. Novice investors are particularly vulnerable to these scams and unlicensed financial advice,” she said.
About the author

About the author


Earn
Australian employment data shows mixed signals as full-time jobs rise despite overall decline
Australia's employment landscape presented mixed signals in May, with overall employment declining despite a strong rise in full-time positions, according to analysis of the latest Labour Force dataRead more

Earn
Millennials face 'generational squeeze' as most vulnerable group in retirement
Millennials will be the most vulnerable demographic to face the "generational squeeze" in retirement, caught between supporting elderly parents and adult children while funding their own later years, ...Read more

Earn
Top workplaces for women in 2025 highlight progress in gender equity and inclusive leadership
Australia’s top workplaces for women in 2025 have been announced, recognising companies that are leading the way in gender equity, flexible work arrangements and inclusive leadership development. Read more

Earn
Employee satisfaction dips as Australian workplaces tackle retention challenges
Australian workplace satisfaction has declined to 78 per cent as companies grapple with economic pressures and changing work dynamics, according to a new report. Read more

Earn
Simplify your finances: The benefits of debt consolidation loans in Australia
In an era where managing multiple debts has become a common financial challenge for many Australians, debt consolidation loans emerge as a practical solution to streamline finances and regain controlRead more

Earn
Long-term welfare dependency declines despite rise in JobSeeker recipients
New research from e61 Institute has revealed that, contrary to popular belief, the number of people reliant on the benefit system in Australia has declined over the past two decades, despite an ...Read more

Earn
Best property investment strategies in Australia for 2024: An expert's perspective
As the Australian property market continues to evolve, investors are keenly looking for strategies that will yield the best returns in 2024. Read more

Earn
Innovative tax saving techniques for individuals and families
Tax time can be daunting for many Australians, but with some innovative planning and smart strategies, individuals and families can maximise their tax savings. Read more

Earn
Australian employment data shows mixed signals as full-time jobs rise despite overall decline
Australia's employment landscape presented mixed signals in May, with overall employment declining despite a strong rise in full-time positions, according to analysis of the latest Labour Force dataRead more

Earn
Millennials face 'generational squeeze' as most vulnerable group in retirement
Millennials will be the most vulnerable demographic to face the "generational squeeze" in retirement, caught between supporting elderly parents and adult children while funding their own later years, ...Read more

Earn
Top workplaces for women in 2025 highlight progress in gender equity and inclusive leadership
Australia’s top workplaces for women in 2025 have been announced, recognising companies that are leading the way in gender equity, flexible work arrangements and inclusive leadership development. Read more

Earn
Employee satisfaction dips as Australian workplaces tackle retention challenges
Australian workplace satisfaction has declined to 78 per cent as companies grapple with economic pressures and changing work dynamics, according to a new report. Read more

Earn
Simplify your finances: The benefits of debt consolidation loans in Australia
In an era where managing multiple debts has become a common financial challenge for many Australians, debt consolidation loans emerge as a practical solution to streamline finances and regain controlRead more

Earn
Long-term welfare dependency declines despite rise in JobSeeker recipients
New research from e61 Institute has revealed that, contrary to popular belief, the number of people reliant on the benefit system in Australia has declined over the past two decades, despite an ...Read more

Earn
Best property investment strategies in Australia for 2024: An expert's perspective
As the Australian property market continues to evolve, investors are keenly looking for strategies that will yield the best returns in 2024. Read more

Earn
Innovative tax saving techniques for individuals and families
Tax time can be daunting for many Australians, but with some innovative planning and smart strategies, individuals and families can maximise their tax savings. Read more