TikTok has been accused of operating as an unlicensed crypto exchange in the UK, a claim made in a letter sent to the country’s Financial Conduct Authority (FCA) by a former compliance advisor at a leading private bank.

According to Financial News, the letter alleges that TikTok’s virtual currency can be indirectly exchanged for fiat currency through the platform’s rewards system. As such, the letter suggests that the social media giant should be brought under the FCA’s anti-money laundering and terrorist financing regulations.