TikTok creators have been offering “risky” trading tips in the wake of the GameStop shares frenzy, a UK regulator has warned.
The Financial Conduct Authority (FCA) said people should be wary of users “promising high-return investments”.
Many videos contain financial advice without disclaimers about the risks involved.
TikTok said it removed content that “deceives people to gain an unlawful financial advantage”.
Several popular video-makers on TikTok have recently been encouraging people to buy shares in GameStop, BlackBerry and AMC.
The share price of these companies saw a boost at the end of January, as people on a Reddit message board encouraged one another to invest.
Other videos encouraged people to invest in the crypto-currency Dogecoin.
Millions of videos have been posted using hashtags such as #bigstocktips, #fintok, #stonks, #stocktok and #stockstobuy.
Many of the videos fail to warn users that the content should not be taken as financial advice and that making investments carries a risk.
Several videos used examples of past market performance as an indication that users would receive a profit in the future. Past market performance can never guarantee future profits.
One popular astrologer with more than one million followers suggested that the position of the planets could affect the price of crypto-currency.
“This February is not the cutest for Bitcoin… Mercury is in retrograde,” they said. The same account also made forecasts for Tesla, GameStop and the crypto-currency Ethereum.
“Consumers should be wary of adverts and advice online and on social media promising high-return investments, and should always do further research on the product they are considering,” an FCA spokeswoman said.
“There are risks with taking unregulated investment advice and we engage with social media platforms to have pages which breach our regulations taken down.”
The FCA said it hoped the government would include “financial harms” in its forthcoming online safety bill.