 |
| Tik Tok no longer hosts cryptocurrency content |
Tik Tok platform is full of content producers in various fields. Including cryptocurrency. However, the latest Tik Tok policy update has infringed on local influencers and made them consider switching to other platforms.
This includes the content creator “Lucas Demos”, who posted crypto-related videos on his account and specializes in this type of content, as his name “theblockchainboy” proves, has 325,000 fans.
In just one month, more than a dozen videos were deleted from the "Demos" account. Of course, these are cryptocurrency and mining related videos and the reason for removing the videos is to promote illegal activity or illegal product. This depends on the message sent to it by the platform.
Tik Tok content and cryptocurrency
Some producers of cryptocurrency content on platforms supported by demos have stated that they are only sharing this content to educate and educate their followers in the cryptocurrency field.
But the platform is no longer looking to it as the company has started implementing a system that can automatically block inappropriate videos, including content related to cryptocurrency. On the other hand, the company's content policy has been updated to prevent such content.
This is because the new content policy prohibits the promotion of financial services, including cryptocurrency, unless users mark content with a unique logo on the app, but this solution does not appear to work yet.
CNBC has reached out to 11 cryptocurrency content creators on TikTok. They all said their videos have been pulled off shelves since July and some are temporarily banned. In addition, changes made to the Tik Tok algorithm have significantly reduced the number of views and fans.
Impact on creators
TikTok declined to comment on the matter and instead sent a CNBC spokesperson a link to the platform's rules for using the platform, but failed to reveal which rules the encrypted content creator had violated.
Some content creators on the platform have stated that they are considering moving from Tik Tok to competing platforms such as Instagram or YouTube. Content creator Wendy O explained that the problem was not the drop in views or follow-up rates, but rather the negative impact on the crypto industry.
In addition to the above content, the source revealed that the use of words like “Binance” or “Decentralized Finance” in the video will also be removed. Although there is no point in communicating with Tik Tok, according to the creators, they will either be answered automatically or ignored by the platform.
TikTok's behavior is related to the Chinese government's stance on cryptocurrencies. It has banned cryptocurrency mining in the country.