The Securities and Futures Fee of Hong Kong (SFC) issued alerts in opposition to seven crypto buying and selling platforms for illegally working within the area with out operational licenses.
The Hong Kong SFC manages public information of all registered, unregistered and unlawful crypto buying and selling entities to scale back dangers associated to scams and fraud. The Alert Checklist, which highlights exchanges which are both unlicensed or show false affiliation with Hong Kong, noticed the addition of seven exchanges on July 5.
For Hong Kong traders’ security
The Hong Kong SFC has been sustaining the alert record since January 2020 and it presently has 39 entries. In 2024 alone, 28 cryptocurrency exchanges had been flagged. The newest additions to the record embody Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT, and Bstorest.
In response to the warnings, all exchanges are suspected of partaking in fraudulent actions and duping traders into believing they had been registered with the SFC. Most of those exchanges used extortion methods, akin to blocking withdrawals and demanding “charges” to renew operations.
Associated: Hong Kong crypto exchange folds to regulatory pressure
Hong Kong makes an attempt to control crypto buying and selling providers
Since early 2024, Hong Kong has taken aggressive steps to make sure regulatory compliance of crypto buying and selling providers within the area.
The Hong Kong SFC had requested all crypto exchanges to use for a license by Might 31.
After the deadline, all cryptocurrency exchanges that failed to use for an operational license had been legally required to close down.
Throughout this era, whereas more than 22 cryptocurrency exchanges applied for licenses to keep up their presence within the area, many in the end determined to withdraw their applications just before the deadline.
Hong Kong authorities entities devoted to attracting overseas investments not too long ago visited a tech convention in Toronto, Canada, to promote its offshore ready-to-move technology hub for Canadian crypto and Web3 startups.
The occasion was performed in partnership with the Hong Kong Financial and Commerce Workplace in Toronto (Toronto ETO), Make investments Hong Kong (InvestHK) and StartmeupHK (SMUHK).
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