Key Takeaways:
- The SFC of Hong Kong has flagged seven crypto exchanges for operating without licenses, citing fraudulent activities.
- Hong Kong mandates all crypto exchanges to apply for a license by May 31, 2024, but many have failed to comply.
- Hong Kong is promoting itself as a tech hub for Canadian crypto and Web3 startups to attract foreign investments.
The Securities and Futures Commission of Hong Kong (SFC) has issued alerts against seven cryptocurrency exchanges for operating without the required licenses.
These exchanges—Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT, and Bstorest—have been added to the SFC’s Alert List for engaging in fraudulent activities such as blocking withdrawals and demanding fees to resume operations.
The Hong Kong #SEC added 7 crypto trading platforms to its alert list for operating without licenses.
— Satoshi Club (@esatoshiclub) July 15, 2024
The exchanges are:
– #Taurusemex
– #Yomaex
– Bitones
– BTEPRO
– CEG
– XTCQT
– Bstor pic.twitter.com/TdTvHYjm43
Since January 2020, the Alert List has highlighted unlicensed or falsely associated exchanges to protect investors. In 2024 alone, 28 exchanges have been flagged.
To regulate the crypto market, Hong Kong required all crypto exchanges to apply for a license by May 31, 2024.
The #Hong Kong Securities and Futures Commission (#SFC) added seven #crypto trading platforms to its alert list for operating without licenses, highlighting concerns over investor safety.
— TOBTC (@_TOBTC) July 15, 2024
The SFC has been actively monitoring and regulating crypto exchanges, requiring them to… pic.twitter.com/uvzQBbrB2Y
Despite this, many exchanges either failed to apply or withdrew their applications.
Additionally, Hong Kong government entities have been promoting the region as a tech hub for Canadian crypto and Web3 startups at a tech conference in Toronto, aiming to attract foreign investments.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
With a keen eye for emerging trends and a talent for engaging storytelling, Victor’s articles offer a fresh perspective on the ever-evolving digital currency landscape.
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