TikTok, a social media app that has been the subject of controversy in recent weeks, is now censoring content about cryptocurrencies. TikTok began to censor videos in which bloggers teach investments in bitcoin and other cryptocurrencies. The decision came after China’s WeChat and Alipay banned cryptocurrency-related activity on their platforms earlier this month.
The social media company has already blocked cryptocurrency-related content on the platform and is now blocking videos that mention specific investment terms like “stock market,” “stocks,” or “investing.”
TikTok is reportedly worried that it could be held liable for any bad investments made on its platform and therefore took action. This move by TikTok is just one example of how social media companies are taking a more active role in censoring potentially harmful content.
Since July, TikTok has had a new content policy in place. An automated video blocking system has been implemented on the platform. Recently, the platform made changes to its policy on branded content. It prohibits promoting financial services, including cryptocurrencies, unless users notify the app via a unique feature.
WeChat and Alipay halted crypto transactions
Recently, WeChat and Alipay banned cryptocurrency-related transactions on their platforms. This topic has been hot in recent months as cryptocurrencies have become more popular with investors. China is the world’s largest market for bitcoin trading, so this ruling will be huge for the cryptocurrency industry. The ban comes after the People’s Bank of China (PBoC) issued warnings about holding or investing in digital currencies due to high volatility and potential fraud risks.