TikTok Allegedly Operates as an Unlicensed Cryptocurrency Exchange

@newsontheblockchain, 16/10/2024

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📈 Preview On Today’s News:

1. - TikTok Allegedly Operates as an Unlicensed Cryptocurrency Exchange

2. - Tesla's Bitcoin Activity Sparks Market Speculation

3. - International Manhunt for $150M Crypto Fraud Suspect

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Top 10 News for today:

1)

TikTok Allegedly Operates as an Unlicensed Cryptocurrency Exchange

TikTok is facing allegations of operating as an unlicensed cryptocurrency exchange in the UK. According to a former compliance consultant for a leading private bank, TikTok's virtual currency system enables indirect fiat currency exchanges through its rewards program, prompting a letter to the UK’s Financial Conduct Authority (FCA). The letter claims that TikTok’s activities may fall under anti-money laundering (AML) and terrorist financing regulations due to its facilitation of money transfers and crypto asset exchanges, despite its lack of FCA registration. TikTok allows users to buy virtual tokens called TikTok Coins, which can be converted into fiat currency, raising concerns about potential misuse by criminals.

• TikTok’s virtual currency system allegedly facilitates indirect fiat currency exchanges, which may require FCA regulation due to anti-money laundering concerns.

• A letter to the FCA highlights the potential risks of TikTok’s unregistered platform being exploited for money laundering and other illegal activities, though questions remain about whether TikTok Coins qualify as crypto assets.

2)

Tesla's Bitcoin Activity Sparks Market Speculation

Tesla has reignited speculation in the cryptocurrency market by activating its Bitcoin wallets for the first time in two years, just as Bitcoin’s value begins to surge. This move raises questions about whether Tesla is preparing to liquidate its 11,509 BTC holdings, worth approximately $767 million, or simply redistributing assets across new wallets, possibly linked to exchanges like Coinbase Prime. The activity has the crypto community pondering potential implications, with further clarity expected in the next few hours, which could reshape the market landscape.

• Tesla’s reactivation of its Bitcoin wallets has raised speculation about potential liquidation or redistribution of its 11,509 BTC, worth approximately $767 million.

• The crypto community is awaiting further developments, as Tesla’s actions could significantly impact Bitcoin investors and market trends.

3)

International Manhunt for $150M Crypto Fraud Suspect

An international manhunt is underway for Horst Jicha, a German citizen involved in a $150 million cryptocurrency fraud, who mysteriously escaped house arrest in New York on October 3rd. Jicha, accused of embezzling funds through an MLM platform known as USI Tech, evaded authorities by removing his ankle monitor. Investigators are scrambling to locate both Jicha and the millions of dollars funneled into cryptocurrency wallets under his control. His bold escape has intensified scrutiny of the case, as well as concerns about the broader risks of unregulated cryptocurrency investments.

• Horst Jicha, involved in a $150M crypto fraud, escaped house arrest on October 3rd, leading to a nationwide manhunt, as authorities seek to locate him and the millions he embezzled.

• The case raises serious concerns about the risks associated with unregulated cryptocurrency investments, with Jicha’s operation being labeled a pyramid scheme involving the misappropriation of funds through a fake MLM platform.

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