TikTok might move outside of China completely to appease US officials

In a nutshell: After facing increasing pressure from the US to explain how it operates, parent company ByteDance is considering to move entirely out of China to one of a few possible locations. In doing that, the company hopes to prove that it doesn’t have any ties with the Chinese government and that national security concerns are unwarranted.

TikTok has seen a meteoric rise in 2019 that is slowly drawing away consumer attention off Instagram and Snapchat. The lip-syncing and video meme app was able to get to the top of the US download charts in 2019, managing more downloads than its rivals combined. Market research firm App Annie estimates it had 665 million monthly active users as of October, of those 20 million are in the US.

But with that level of success came questions about ByteDance, who is currently the subject of a national security review on suspicion that it may have ties with the Chinese government. The company has repeatedly stated that its policies and business operations have nothing to do with the interests of China, but that has only managed to draw even more scrutiny and a ban on military phones.

ByteDance started separating TikTok from its Chinese business operations in November, hoping to appease US officials and avoid having to sell it off. According to a new Bloomberg report, this is all part of a bigger plan to move its headquarters out of China.

There are no American cities on the shortlist of possible locations, but Singapore is one of the locations considered for the move. TikTok’s main office, which is tasked with US operations, is based in Los Angeles, CA.

ByteDance executives are also eyeing London and Dublin as new homes for its main base of operations. Either way, the choices appear to factor in the regions that hold the most potential for growth, such as Europe and Southeast Asia.

Apparently, the discussions for the move have been going for months, along with hiring more Americans on TikTok’s moderation team. The recent national security review forced the company to fast-track these plans as an effort to protect a $75 billion unicorn business that still has room to grow.

In related news, ByteDance has big plans to taking on the music streaming market by expanding on the concepts applied with TikTok. If it manages to convince US regulators that its business doesn’t pose major privacy risks and doesn’t bow to the interests of China, Apple and Spotify could face some serious competition in the near future.

Masthead credit: Jenice Kim

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

For a Hedge Against Inflation - Click the Rocket!

E-Crypto News Executive Interviews

Blockchain/Cryptocurrency Questions and Answers

Read This Before Buying Your Cryptocurrencies With A Credit Card
Read This Before Buying Your Cryptocurrencies With A Credit Card
December 1, 2022
2023 Crypto predictions
Top 10 Cryptocurrency Predictions for 2023
November 30, 2022
How Does Web3 Resolve Fundamental Issues In Web2?
How Does Web3 Resolve Fundamental Issues In Web2?
November 29, 2022
How to Get Started with Automated Crypto Trading?
November 25, 2022
How to Get a License for a Cryptocurrency Exchange
November 24, 2022

Automated trading with HaasBot Crypto Trading Bots

CryptoCurrencyUSDChange 1hChange 24hChange 7d
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
BNB283.64 0.09 % 0.32 % 2.79 %
USD Coin1.000 0.44 % 0.25 % 0.18 %
Binance USD1.000 0.15 % 0.14 % 0.18 %
XRP0.4687 0.46 % 4.02 % 4.38 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %

Bitcoin (BTC) $ 16,874.54
Ethereum (ETH) $ 1,236.36
Tether (USDT) $ 1.00
BNB (BNB) $ 284.92
USD Coin (USDC) $ 1.00
Binance USD (BUSD) $ 1.00
XRP (XRP) $ 0.389586
Dogecoin (DOGE) $ 0.097402
Cardano (ADA) $ 0.3108
Polygon (MATIC) $ 0.895676