Hong Kong Adds Seven Crypto Exchanges to Alert List Amid Regulatory Crackdown
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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
