Popular social media platform TikTok, owned by Chinese company ByteDance, has been removing content related to cryptocurrencies, making it impossible for influencers to post anything related to crypto.
An advanced algorithm that spots certain words in videos, graphics and any other form of content was built by the TikTok authorities to protect the users from scams and “rug-pulls” on the platform. In these “rug-pulls” the influencers would be paid to promote a certain cryptocurrency to hype it up so that people invest in the currency only for the makers to take all the money all of a sudden and close the currency down.
However, according to the influencers, who post educational content on the platform about cryptocurrencies, the step has become counterintuitive as it is now blocking any content using certain keywords and blocking it.
The users are not only getting their videos blocked, but also receiving temporary bans. However, the platform is not providing any specific reason for the creators except for notifying them that they have violated the community guidelines. Some creators have also received messages noting that the content contains “illegal activities and regulated goods”.
According to Lucas Dimos, who goes by theblockchainboy on the platform, “It was almost like a knee-jerk reaction from TikTok against all of these scams that were going on. While they may have blocked the scam posts, all of us creators are unable to post any of our content.” Dimos has more than 314,000 followers.
The community guidelines of TikTok say, “We prohibit the trade, sale, promotion, and use of certain regulated goods, as well as the depiction, promotion, or facilitation of criminal activities, including human exploitation. Content may be removed if it relates to activities or goods that are regulated or illegal in the majority of the region or world, even if the activities or goods in question are legal in the jurisdiction of posting.”
While the guidelines have no mention of cryptocurrencies, it vaguely equates crypto with a scam. “Content that depicts or promotes investment schemes with promise of high returns, fixed betting, or any other types of scams read the regulations.
The influencers think words such as “Binance”, “Cryptocurrency”, “Blockchain”, “Decentralised finance”, “Bitcoin” and “Ethereum” trigger the scanners and the program removes the contents without any chance of the users retrieving them.
Under the current situation, the creators are fashioning a move to other video platforms such as YouTube, Twitter, Facebook, and Instagram.
China has been famously ruthless against the mining of crypto in recent months and it has already introduced a digital version of the Yuan, the currency of the country. It can be drawn that the present regulation is just a branch of the regulations put in place by the government.
Source: Read Full Article