Cryptocurrency

United

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/tiktok-faces-allegations-regarding-unlicensed-cryptocurrency-services-in-the-uk/" data-wpel-link="internal">TikTok Faces Allegations Regarding Unlicensed Cryptocurrency Services in the UK</a> 
The United States continues to increase its legal pressure on <a href="https://en.coin-turk.com/expects-an-increase-of-at-least-4x-famous-fund-manager-speaks-clearly-for-cryptocurrencies/" data-wpel-link="internal">cryptocurrency</a> markets, while the latest developments come from the UK. Interestingly, the news does not involve the regulatory body directly causing issues. A senior compliance officer from TikTok has filed a complaint with the Financial Conduct Authority (FCA). 
<h2 style="text-align: justify" id="tiktok-and-cryptocurrencies">TikTok and Cryptocurrencies</h2> 
According to a report by the Financial Times, a former compliance advisor from a major bank sent a letter to the FCA. This letter claims that TikTok provides unlicensed cryptocurrency services to its UK customers. 
<img loading="lazy" loading="lazy" decoding="async" class="wp-image-397364 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/10/tiktok-kripto-suclamalari.png" alt="" width="699" height="398"> 
The complaint alleges that TikTok’s virtual currency can be indirectly exchanged for fiat currency through the platform’s reward system. Therefore, it is not easy to classify the service as a typical cryptocurrency exchange at first glance. 
<blockquote> 
 “TikTok facilitates money transfers through the reward program and engages in exchanges of cryptocurrency assets for money or other <a href="https://en.coin-turk.com/bitcoin-bulls-drive-price-above-71500/" data-wpel-link="internal">cryptocurrencies</a>.” 
</blockquote> 
TikTok integrates local currencies within the app to send gifts to content creators. Similarly, Telegram has revealed a roadmap for gifts that can be converted into NFTs. The classification of TikTok Coins as cryptocurrency remains unclear according to the Financial News report. 
The post <a href="https://en.coin-turk.com/tiktok-faces-allegations-regarding-unlicensed-cryptocurrency-services-in-the-uk/" data-wpel-link="internal">TikTok Faces Allegations Regarding Unlicensed Cryptocurrency Services in the UK</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

TikTok Faces Allegations Regarding Unlicensed Cryptocurrency Services in the UK

Table of Contents

COINTURK NEWS

Other articles published on Oct 15, 2024

Bitwise Files for First-Ever XRP ETF with the SEC: What You Need to Know

Walgreens Boots Alliance Reports 4QFY2024 with $0.39 Adjusted EPS, $978 M Operating Loss

Will Ripple (XRP) Price Drop Below $0.5 Or Rally Above $0.6?

Bitcoin Goes Nuclear: A new era for mining?

Crypto.com Takes Legal Action Against SEC Over Wells Notice

Excitement Fills the Air as MoonBag Gears Up for MEXC Listing on October 16

Join our free newsletter for daily crypto updates!