Bitcoin

The UK legal authorities have recently turned their sights on TikTok as it is being accused of running an unlicensed crypto exchange through its virtual currency system. A former compliance consultant recently accused TikTok of having a virtual currency system. The claims were <a href="https://www.fnlondon.com/articles/is-tiktok-an-unregistered-crypto-exchange-yes-this-compliance-expert-tells-the-fca-0440546f" rel="noopener noreferrer nofollow">filed</a> to the Financial Conduct Authority (FCA) with the US attorney’s office. This has caused many concerns in the UK about the financial regulation of the popular application TikTok.Concerns Over TikTok CoinsThe main concern is based on TikTok Coins, which is virtual currency used in the application. Subscribers can buy these coins by sending virtual gifts to the content developers, and the developers, in turn, exchange the gifts for diamonds. These diamonds can then be exchanged for real money and such accusations have been made that TikTok is engaging in money transmission without being properly licensed by the FCA.The former compliance consultant, who spoke to the Financial Times, explained that this system could let TikTok function like a crypto exchange. The structure may enable the user to swap virtual currency for fiat, but this will not be controlled properly.<a href="https://cryptotale.org/uk-probes-tiktok-over-unlicensed-crypto-exchange-allegations/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

UK Probes TikTok Over Unlicensed Crypto Exchange Allegations

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