Official statement or report from the UK Financial Conduct Authority

UK FCA Investigates TikTok Coins for Money Laundering as Users Flip Coins

Oct 18, 2024, 06:15 AM

The UK's Financial Conduct Authority (FCA) has initiated an investigation into TikTok Coins, citing concerns over potential money laundering activities. The FCA alleges that major money laundering organizations might be exploiting the platform by converting virtual coins into real cash. Users are flipping virtual coins for real cash, with the platform reportedly operating under the radar, raising alarms about its potential misuse.