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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

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