Pro: crypto industry can benefit from recent TikTok ban

On Friday, July 9, TikTok announced it was now illegal to promote financial products and services globally in line with the platform’s branded content policy. TikTok no longer welcomes cryptocurrency, foreign exchange, management and lending of money assets, credit cards, loans, buy now pay later services, pre-payment cards, and debits and trading platforms. According to specialists, the platform’s approach to enforcing the policy to quickly identify and remove banned content will be the true test.

What insiders have to say

We talked to Oleg Bevz, Marketing Director at Blockster and Tatyana Shpakovych, Product Manager at Blockster, a full-featured social network dedicated to the cryptocurrency and blockchain communities, on the crypto ban.

Oleg Bevz

Oleg Bevz is positive that the crypto industry can only profit from this ban. It’s a rapidly growing industry and the number of individuals and companies getting interested in crypto is perpetually on the rise. The industry will power its own development by reinvesting resources, especially if conventional markets continue to reject crypto. He added:

Tatyana Shpakovych

Tatyana Shpakovych says that considering the myriad of techniques TikTok has to make projects, services, and products go viral, the medium is wary of the possibility of financial scams. She points out that the new ban applies to a lot of financial services and products, not just cryptocurrencies. One unfortunate result of this is that not even legitimate companies can advertise their services now. She adds:

This way, users would be guaranteed access to safe content, while financial companies would still enjoy TikTok’s global reach.