TikTok is showing it's not all song and dance, as the popular social media platform is reportedly planning to ban multilevel marketing companies as well as Ponzi, and other "get rich quick" schemes from using the app.
A spokesperson for the company said in a statement to Buzzfeed News it has "multiple measures in place to reduce the spread of misleading content, including content that aims to deceive people for financial gain."
TikTok added to its "frauds and scams" guidelines Tuesday a ban on "content that depicts or promotes phishing," as well as "content that depicts or promotes Ponzi, multi-level marketing, or pyramid schemes," and "content that depicts or promotes investment schemes with promise of high returns, fixed betting, or any other types of scams."
TikTok hopes to protect users of their platform who are vulnerable to financial abuse, Buzzfeed News reported.
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