In the wake of the unfolding JPEX exchange saga, the Hong Kong Securities and Futures Commission (SFC) released a blacklist of cryptocurrency firms termed as unregulated and unlicensed.
Hong Kong’s SFC pledges to intensify investor education and information dissemination initiatives, responding to growing public apprehensions concerning unregulated Virtual Asset Trading Platforms (VATPs).
SFC Blacklists Crypto Companies
The ombudsman’s new announcement of blacklisted crypto exchanges follows the recent high-profile JPEX scandal – one of the most significant fraud cases in Hong Kong. The JPEX crypto exchange, which illegally operated in the region, was forced to close down recently with a financial loss of $182 million, affecting over 2,200 investors.
The SFC’s blacklist contains other suspicious crypto platforms, including HKVAX, HKBitEx, Hong Kong BGE, and Victory, which are suspected of fraudulent activities. According to the reports, all these networks operated unlicensed an
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