TikTok has recently come under the scanner of a compliance expert who has written to the UK's Financial Conduct Authority (FCA) regarding the platform's potential role as an unregulated crypto exchange. According to Crypto Briefing, the expert's letter highlights the virtual currency system and creator rewards program within TikTok, which could potentially be classified as cryptoasset activity under the FCA's framework. This system allows users to exchange crypto for fiat and vice versa, bringing it under the purview of anti-money laundering and counter-terrorist financing regulations. Notably, TikTok is not registered with the FCA as a cryptoasset business or a crypto exchange, raising concerns about its compliance status in the UK.