TikTok Cash Application Is Terminated, Video Snack Is Temporarily Closed Until Permission Is Obtained

JAKARTA - The Financial Services Authority (OJK) through the Investment Alert Task Force (SWI) discovered the TikTok Cash application that offers money to their users by simply increasing the number of viewers from videos on a platform that has the potential to harm the users.

In addition, SWI has also asked the Snack Video application to stop their activities because it is not registered as an Electronic System Operator (PSE) of the Ministry of Communication and Information Technology and does not have a legal entity and permit in Indonesia.

"We have discussed it with the Snack Video management and there is an agreement to stop their activities until permission is obtained. We have also asked the Ministry of Communication and Information to stop the TikTok Cash application that has the potential to harm the public", said OJK Investment Alert Task Force Chairman Tongam L. Tobing in a press statement, Monday, March 1.

Tongam reminds the public to always be aware of offers from various parties that seem to provide easy benefits but have the potential to harm users.

In addition to Tiktok Cash and Snack Video, the task force in its cyber patrols also found 26 business entities that were suspected of having been without permission from the competent authorities and had the potential to harm the public.

Of the 28 entities, among them carry out the following activities:

- 14 Money Game Activities;

- 6 unlicensed Crypto Assets, Forex and Forex Robots;

- 3 Direct Selling without permission;

- 1 Equity Crowdfunding without permission;

- 1 Unlicensed video content organizer;

- 1 Payment system without permission; and

- 2 other activities.

The Investment Alert Task Force also said that there is an entity that has obtained a business license, namely PT Brilian Nusantara Mandiri (Bliuntung) because it has obtained a license to carry out product sales activities with a multi-level marketing system.