The Hong Kong Securities and Futures Commission (SFC) has identified seven unauthorized cryptocurrency exchanges and placed them on its warning list for conducting unauthorized operations in the region without obtaining the required licenses.
This public registry, also known as the alert list, has been in place since January 2020. on July 5, seven unlicensed cryptocurrency exchanges were added, bringing the total to 39 entries, with 28 unlicensed cryptocurrency exchanges flagged this year alone.
The Hong Kong SFC is responsible for the public registry, which contains all registered, unregistered and unlicensed cryptocurrency exchanges in the region. The seven unlicensed cryptocurrency exchanges are Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT and Bstorest.
These unlicensed cryptocurrency exchanges are suspected of engaging in fraudulent activities and endangering the safety of investors, according to their registration status with the SFC.
Earlier this year, the SFC advised all cryptocurrency exchanges to apply for operating licenses as part of Hong Kong’s broader plan to become a regulated cryptocurrency hub.
The SFC published a regulatory deadline of May 31 for cryptocurrency license applications. More than 22 exchanges submitted their applications, while some others decided to drop out just before the cut-off date.
on May 14, just weeks before the deadline, HTX withdrew its application from Hong Kong for the second time. In addition, Gate.io suspended its application for a cryptocurrency license in Hong Kong in May.
Hong Kong is determined to ensure compliance with cryptocurrency regulations
As of early 2024. Hong Kong has shown a strong commitment to enforcing compliance in the cryptocurrency trading sector. The region has taken decisive action to achieve this goal.
The Hong Kong Securities and Futures Commission (SFC) has acted swiftly, ordering the closure of unlicensed cryptocurrency exchanges that failed to submit license applications by a certain deadline.
At the same time, the Hong Kong government has implemented initiatives to enhance the region’s attractiveness as a major center for cryptocurrency and technology investment, creating a favorable environment for innovation and growth.
In addition, government officials are actively soliciting foreign investment, attending conferences and showcasing Hong Kong’s offshore technology center to entrepreneurs using Web3 technology.
