Page 12 - aruba-today-20221013

A12 BUSINESS
Thursday 13 OcTOber 2022

TikTok going big on US e-commerce?

Job listings offer clues

By HALELUYA HADERO
AP Business Writer
NEW YORK (AP) — TikTok
appears to be deepening
its foray into e-commerce
with plans to operate its
own U.S. warehouses, the
kind of packing and ship-
ping facilities more as-
sociated with Amazon or
Walmart than the social
media platform best known
for addictive short videos.
In the past two weeks, Tik-
Tok has posted several job
listings on LinkedIn looking
for candidates to help it The TikTok app logo is pictured in Tokyo, Sept. 28, 2020.
Associated Press
develop and grow its “Ful-
fillment by TikTok Shop” in U.S. e-commerce expan- will be responsible for build-
the U.S. to accommodate sion. In some listings, TikTok ing a global warehousing
sellers using the app. says it is looking for a can- network, signaling its plans
According to the listings, didate who can manage could be much larger.
TikTok plans to provide a free return program, “The e-commerce indus-
warehousing, delivery and plan how to move inven- try has seen tremendous
item return options to sell- tory from one warehouse growth in recent years
ers. or business to another, and and has become a hotly
A company spokesperson develop its fulfillment ser- contested space amongst
declined to comment on vice in the U.S. In another leading Internet compa-
TikTok’s e-commerce plans listing for a position in Seat- nies, and its future growth
in the U.S. tle, the company refers to a cannot be underestimat-
But the U.S. job listings offer global e-commerce team ed,” the company wrote in
a window into a possible and a team member who the job listings. q

Crypto exchange Bittrex to pay $24M

for violating sanctions

By KEN SWEET
AP Business Writer
NEW YORK (AP) — Crypto
exchange Bittrex was fined
$24 million by U.S. authori-
ties on Tuesday for helping
clients evade U.S. sanc-
tions in places such as Syr-
ia, Iran and Crimea.
It is the largest penalty ever
levied against a crypto
currency exchange by the
Office of Foreign Assets
Control, the agency said.
The Treasury Department

An advertisement of Bitcoin, one of the cryptocurrencies, is said that Bittrex allowed
displayed on a building in Hong Kong, on Nov. 18, 2021. customers in Cuba, Syria,
Associated Press Iran, Sudan and the dis-
puted region of Crimea
to trade approximately
$263.5 million worth of digi-
tal currencies between
2014 and 2017. In its state-
ment, the U.S. said that
Bittrex should have been
aware these customers
were in sanctioned parts
of the world due to their
physical addresses as well
as their IP addresses.q