Hong Kong Adds Seven Crypto Exchanges to Alert List Amid Regulatory Crackdown
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Hong Kong's Securities and Futures Commission (SFC) has added seven new cryptocurrency exchanges to its alert list for operating without licenses, highlighting ongoing risks of fraud in the sector.
The updated list now includes platforms like Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT, and Bstorest, suspected of fraudulent activities such as misleading investors about their SFC registration status and using coercive tactics like blocking withdrawals and demanding fees to resume services.
This move comes amidst Hong Kong’s intensified regulatory efforts in 2024, requiring cryptocurrency exchanges to obtain licenses by May 31, resulting in closures for those failing to comply.
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Recent developments also underscore Hong Kong’s efforts to combat cryptocurrency-related crimes, leveraging traceability in stablecoins like USDT to tackle criminal activities, though challenges persist with decentralized cryptocurrencies like Bitcoin and Ethereum.