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What actions will TikTok take in response to UK FCA investigation by March 2025?
2
Resolution / Starting Odds
Cease crypto-related activities • 25%
Modify virtual coin system • 25%
No changes made • 25%
Other actions • 25%
Official announcements from TikTok or credible news reports
Story
TikTok Investigated by UK FCA for Allegedly Operating as Unregistered Crypto Exchange, Illegal Operations
Oct 17, 2024, 12:07 AM
TikTok is under scrutiny by the UK's Financial Conduct Authority (FCA) for allegedly operating as an unregistered crypto exchange. A former compliance consultant accused TikTok of acting as a crypto exchange through its virtual coin system and creator rewards program in a letter to the FCA. The FCA is investigating whether TikTok's activities qualify as crypto asset-related activities, potentially making it a loophole for money laundering. The platform allows users to buy virtual coins and convert them into real cash, which has raised regulatory concerns about illegal operations.
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Enhanced Verification • 25%
Transaction Limits • 25%
Platform Overhaul • 25%
No Major Changes • 25%
Implement stricter data policies • 25%
Pay a fine • 25%
Shut down US operations for users under 13 • 25%
Other • 25%
No Action Taken • 25%
Fines Imposed • 25%
Operations Suspended • 25%
Other Actions • 25%
Introduce new features • 25%
Enhance existing features • 25%
No changes • 25%
Launch educational campaign • 25%
Formal investigation • 25%
Warning issued • 25%
No action taken • 25%
Other • 25%
No consequences • 25%
Fines imposed • 25%
Operational restrictions • 25%
Ban in EU • 25%
System deemed compliant • 25%
System requires changes • 25%
System banned • 25%
Other • 25%
Full compliance • 25%
Partial compliance • 25%
Non-compliance • 25%
Legal challenge • 25%
Deny allegations • 25%
Announce policy changes • 25%
Settle with states • 25%
No official response • 25%
Relocate operations • 25%
Seek legal action • 25%
Negotiate with U.S. government • 25%
Other actions • 25%