Mar. 10, 2022 | BUSINESS
TikTok gears up a new program to allow crypto ads
Social networking platform, TikTok, is currently running beta tests in the US and Canada.
TikTok will soon launch a new program that could permit crypto advertisers to avoid red tape on the platform, according to a report.
The video-focused social networking platform is currently running beta tests in the US and Canada, a company insider told Marketing Brew.
In this case, the regulatory body in the US is the Financial Crimes Enforcement Network (FinCEN) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Policy for crypto ads
However, a TikTok informant pointed out crypto firms have to be “registered with an approved regulatory body” for the paid advertisements.
Ads must include a disclaimer about cryptocurrency investment and must be appropriate for 18 and above target social media users.
Ashley Nash-Hahn is the company insider who works in SMB and ad policy communication at TikTok.
Crypto companies can post “organic content” about digital currencies on TikTok as long as it adheres with the platform’s “Community Guidelines”, she explained.
Crypto ads on TikTok
The advisor of Bitcoin reward company, Aubrey Strobel, recalled that Lolli was able to run “one or two” paid ads on the platform almost a year ago.
Strobel noted TikTok allowed it at one point. But then, the platform has forbidden any cryptocurrency ads.
So, verbiage is necessary for this aspect. Strobel added that crypto companies could use the words like “cash back” instead of “bitcoin” or “crypto”.
Nash-Hahn clarified why a crypto company could run those ads. She stated, “TikTok has always allowed the promotion of financial services and products with some restrictions.”
“[In the US] ads promoting virtual currencies/cryptocurrencies (e.g. Bitcoin and Ethereum), as well as cryptocurrency trading platforms and advisory services are prohibited.”
On the other hand, Strobel pointed out that Lolli has been able to work with influencers on the platform. The report stated, “if an ad meets approval for an ‘allowlist’ some products may be allowed to run as Branded Content.” Such a statement was from another unnamed source.
According to the statement, “TikTok’s beta test does not apply to influencer ads and partnerships, which that platform refers to as “branded content.” “Cryptocurrencies, as well as cryptocurrency trading platforms and advisory services, are prohibited in branded content,” Nash-Hahn said.
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