TikTok Accused of Operating as Unregistered Crypto Exchange in the UK, FCA Alerted to Virtual Coin System

Oct 15, 2024, 05:40 PM

TikTok is facing allegations of operating as an unregistered cryptocurrency exchange in the United Kingdom. A former compliance consultant has raised concerns in a letter to the UK's Financial Conduct Authority (FCA), suggesting that TikTok's virtual coin system and creator rewards program may fall under the definition of crypto asset-related activities. The FCA has been alerted to these claims, which could have significant implications for TikTok's operations in the UK market.