The social media platform TikTok is facing a potential ban in the U.S. under the Protecting Americans From Foreign Adversary Controlled Applications Act, which would make it illegal for app stores and web-hosting services to distribute or service TikTok. The ban is due to national security concerns regarding user data collected by TikTok and the potential access by the Chinese government. However, President-elect Donald Trump is looking for a decision to avoid the ban, and many senators have also taken a stand against it. The Supreme Court conducted oral arguments on the matter, and a decision is expected before the January 19 deadline. The outcome will determine whether TikTok can continue with its current ownership or if the parent company, ByteDance, will be forced to divest. The UK's Financial Conduct Authority has also raised concerns about TikTok's virtual gifting system and unregulated crypto activities. While TikTok has been used as a platform for cryptocurrency-related content by social media marketers and influencers, the ban is unlikely to have a significant impact on the crypto market according to Alejandro Zambrano, the Chief Market Strategist at ThinkMarkets.



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