TikTok accused of operating as crypto exchange in the UK, report
TikTok has been accused of operating as an unlicensed crypto exchange in the UK in a letter sent to the country’s Financial Conduct Authority (FCA) by a former compliance consultant for a leading private bank. As reported by Financial News, the letter claims that TikTok’s virtual currency can be indirectly exchanged for fiat through the platform’s reward system. As a result, it says the social media giant should be placed under the FCA’s anti-money laundering and terrorist regulations. “TikTok via its rewards programme is facilitating money transmission to [money service businesses] and exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets,” the letter says. Former Crypto.com compliance officer charged with money laundering, extortion Read more: TikTok ‘guru’ launders COVID loans with crypto, spoils girlfriend Users can purchase so-called TikTok Coins and use them to send ‘gifts’ to content cr...