USA is currently cryptocurrency continues to increase its legal pressure on the markets. But this time the news is from England. Moreover, the regulatory agency is not the party that directly causes problems. The details of the incident are interesting. TikTok was reported to the FCA by one of its senior heads of compliance.
TikTok and Cryptocurrencies
According to a report by the Financial Times, a former compliance adviser for one of the major banks sent a letter to the Financial Conduct Authority (FCA). This letter mentions that TikTok provides unlicensed cryptocurrency services to UK customers.
In the complaint letter TikTokIt is claimed that ‘s virtual currency can be indirectly exchanged for fiat through the platform’s rewards system. So, it is difficult to talk about a cryptocurrency exchange that is obvious at first glance.
“TikTok, through its rewards program [para hizmeti işletmelerine] facilitates the transfer of money and exchanges or arranges to exchange crypto assets for money or crypto assets for money.”
TikTok’s native coins integrated into the app are used to send gifts to content creators. Telegram similarly announced a road map for gifts and their transformation into NFTs. Financial News report TikTok CoinIt is unclear how ‘s are classified as a cryptocurrency.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
