CandleFocus TikTok accused of operating as crypto exchange in the UK, report
2024-10-15
Author: Content Editor
In a letter sent to the UK's Financial Conduct Authority (FCA), TikTok has been accused of operating as an unlicensed cryptocurrency exchange. The letter argues that TikTok's virtual currency, TikTok Coins, can be indirectly exchanged for fiat through the platform's reward system, and therefore the social media giant should be subject to anti-money laundering (AML) and terrorist regulations. Users can purchase TikTok Coins and use them to send gifts to content creators, which can then be converted into diamonds and cashed out for fiat. However, it is unclear how TikTok Coins are classified as cryptocurrency, as they are referred to as "virtual coins" and "virtual tokens" in the report. TikTok has faced similar accusations in Australia and is currently hiring more compliance staff. The platform is also being sued in Utah for alleged money laundering and facilitating the sexual exploitation of minors.
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