Hong Kong’s Securities Futures Commission (SFC) recently named 7 unregulated cryptocurrency trading platforms operating illegally. The platforms are Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT, and Bstorest. This new addition brings the total number of entries in the SFC’s Alert List to 39 since its establishment in 2020.
Hong Kong Mandates Licenses for Crypto Exchanges
In 2024 alone, the SFC noted 28 cryptocurrency exchanges. These platforms have been reported to engage in fraudulent activities and deceive investors about their SFC registration status. In particular, the SFC’s alert states that these exchanges may employ aggressive tactics such as limiting clients’ ability to make withdrawals and demanding fees for unblocking them.
To prevent these problems, Hong Kong has made it mandatory for all crypto exchanges to obtain a license by the end of May. Some exchanges that did not meet the set standards were required by law to cease operations.
Nevertheles
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