Goodbye TikTok: influencers who educate about cryptocurrency accuse the platform of censoring their videos on the subject

Goodbye TikTok: influencers who educate about cryptocurrency accuse the platform of censoring their videos on the subject

Content creators cannot say bitcoin in their videos because they are immediately penalized.

Photo: Mario Tama / Getty Images). / Getty Images

TikTok cryptocurrency content creators such as Lucas Dimos claim that they are trying to educate consumers about this emerging market, they say they have been greatly affected by the rapid changes in this social media company for those who address this type of topic.

Last month, TikTok implemented a system that can block videos that violate its policies, the company updated its content rules. The promotion of financial services, such as cryptocurrencies, can be blocked, unless users report the content through a branding option in app.

CNBC interviewed 11 creators who address the topic of cryptocurrencies, they say they publish educational crypto videos, but your content is being flagged or removed permanently with little explanation from TikTok.

Most influencers said they haven’t been paid to promote any crypto content on TikTok in recent weeks, and video views and new followers have dropped since July. They consider that this has to do with new content policies that have been implemented.

Given what happened, some of the creators told CNBC that they are considering switching to platforms such as YouTube, Twitter, Instagram, as well as Google‘s Discord chat application, where they say they have more freedom to share content.

The creators expose that updates are guaranteed to crack down on spam accounts or fraudulent money-generating schemes, where people goad users to buy a crypto, prop up the price, and withdraw.

They ensure that the way the security system is configured is affecting all those content generators that only try educate your audience about cryptocurrencies and its impact on the financial world.

Interviewees comment that in recent weeks, creators say they can’t use words like “Binance,” “decentralized finance,” or specific currencies like bitcoin or ethereum in a video without them being removed. Content creators claim that by using those words the algorithm is alerted and they are immediately sanctioned.

Finally, the creators say that when trying to communicate their concerns with TikTok about the ban of an account or a retired video, the majority affirm that have been ignored or had an automatic reply sent to them.

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