Hong Kong Regulator Warns Against Suspicious Crypto Platform
Hong Kong's Securities and Futures Commission (SFC) has issued a cautionary alert regarding HKCEXP, an alleged trading platform falsely claiming registration with the regulatory body.
Under a strict deadline set by the SFC, cryptocurrency exchanges were required to apply for operational licenses by February 29. Failure to comply would result in the cessation of operations by May 31.
Following the deadline, 22 crypto trading platforms, including four under the SFC’s previous opt-in regime, submitted license applications.
Despite the SFC’s efforts to disseminate information, Hong Kong faces ongoing challenges with fraudulent entities posing as legitimate crypto exchanges. The latest case involves HKCEXP, accused of misleading investors by falsely claiming SFC registration and providing a fictitious Hong Kong address.
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In an effort to promote secure crypto trading practices, the SFC plans to maintain a public list of licensed crypto platforms.
Exchanges that failed to obtain a license face operational limitations and marketing restrictions in Hong Kong.
Recent actions by the SFC include identifying and blocking fake websites impersonating licensed exchanges like OSL Digital Securities and Hash Blockchain Limited (HashKey). Investors are urged to verify platforms using the SFC’s public register of licensed persons and institutions, as well as the list of licensed virtual asset trading platforms.
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.
