Coinspeaker
Hong Kong’s Crypto Dreams Stall Over Licensing Issues
Cryptocurrency exchanges within Hong Kong appear to be having a hard time as they try to secure full operational licenses. A Bloomberg report details the situation, citing sources with inside knowledge on the matter, even as the city ups its efforts towards becoming a global crypto hub.
According to the report, no less than 11 crypto exchanges have been found wanting by Hong Kong’s Securities and Futures Commission (SFC). That is after on-site inspections reportedly showed them to be involved in practices that might be called “non-compliant”.
The situation has immediately cast a shadow of doubt over these exchanges as meeting full licensing requirements may now be a huge mountain to climb.
SFC Cites Issues with Exchanges
There are a number of big industry names among the exchanges currently being scrutinized. They include Crypto.com and Bullish. However, some local trading platforms like HKbitEX and
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