TikTok faces regulatory storm: Virtual currency system raises concerns
Global short video giant TikTok has recently fallen into a regulatory crisis for allegedly operating in a manner similar to a cryptocurrency exchange! The UK's Financial Conduct Authority (FCA) is investigating TikTok Coins, its virtual currency system, which allows users to buy tokens with real money and give them away or exchange them for cash on the platform. This process mirrors cryptocurrency trading, raising serious concerns about money laundering and terrorist financing! 💰⚡
Compliance experts warn that TikTok's virtual currency operation method may expose it to the same regulatory pressure as encryption platforms, especially when it comes to the security of user financial data. Experts point out that the lack of transparent accounts increases the risk of illegal activities such as money laundering, calling TikTok's operations into question.
What is even more worrying is that TikTok has not registered for anti-money laundering and the source of funds is unknown, which makes it meet the standards of a money services business and needs to comply with strict legal regulations. The UK's FCA has launched action against crypto companies that fail to comply with new financial promotion rules, demonstrating the government's tough stance on unregistered crypto entities.
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