The Hong Kong SFC added seven crypto trading platforms to its Alert List for operating without licenses. Learn more about the entities involved and the regulatory actions taken.
The Hong Kong Securities and Futures Commission added seven crypto trading platforms to its alert list for operating without licenses, raising concerns over investor safety.
The Hong Kong SFC manages public records of all registered, unregistered and illegal crypto trading entities to reduce risks related to scams and fraud. The Alert List, which highlights exchanges that are either unlicensed or display false association with Hong Kong, saw the addition of seven exchanges on July 5.
According to the warnings, all exchanges are suspected of engaging in fraudulent activities and duping investors into believing they were registered with the SFC. Most of these exchanges used extortion techniques, such as blocking withdrawals and demanding “fees” to resume operations.Since early 2024, Hong Kong has taken aggressive steps to ensure regulatory compliance of crypto trading services in the region.Notice issued by the Hong Kong SFC about the closure of crypto license applications.
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