UK Probes TikTok For Allegedly Running Unlicensed Crypto Exchange
A United Kingdom-based regulatory body raised concerns that TikTok’s virtual currency could be used by unscrupulous groups in their money laundering activities.
The UK’s Financial Conduct Authority (FCA) underscored the increasing concerns surrounding TikTok Coins and served as a cautionary note on the platform. Some feared that the virtual currency could be tapped to elude traditional regulations and policies, which are crafted to curb anti-money laundering activities.
FCA is a financial regulatory office that keeps an eye on and monitors financial institutions in the UK to ensure they abide by the existing regulations that aim to stop money laundering and financing of terrorism.
