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[TikTok Faces Charges Of Operating A Cryptocurrency Exchange-like Business In The UK] According To Cryptonews, The Short Video App TikTok Is Under Scrutiny For Allegedly Operating In A Manner Similar To A Cryptocurrency Exchange In The UK. It Is Reported That A Compliance Expert Has Issued A Warning To The UK Financial Conduct Authority (FCA), Recommending That TikTok Be Checked For Money Laundering And Terrorist Financing. The Expert Highlighted That It Is Worrying That Virtual Tokens On TikTok May Be Indirectly Exchanged For Real Currency Through Its Creator Program. The Review Stems From TikTok's Virtual Currency System, TikTok Tokens. Users Can Purchase Tokens With Real Currency And Give Them Away On The Platform Or In Live Broadcasts. They May Also Be Able To Exchange These Tokens Back For Cash. This Process Is Similar To Cryptocurrency Transactions. As Cryptocurrency Businesses Face Strict Regulation, The System Has Raised Regulatory Concerns. Critics Believe That TikTok's Handling Of Virtual Currencies May Be Subject To The Same Scrutiny As Cryptocurrency Platforms. In Addition, Such Cryptocurrency-like Transactions Have Also Raised Concerns About The Security Of Users' Financial Data, Especially Given Geopolitical Sensitivities. The Letter Reportedly Reads: "TikTok Provides Money Transmission Services To Money Service Businesses Through Its Rewards Program And Exchanges Crypto Assets For Currency Or Currency For Crypto Assets, Or Makes Arrangements For Or Enters Into Arrangements For Such Exchanges." As Of Press Time, Neither TikTok Nor The FCA Responded To Cryptonews' Request For Comment
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