Hong Kong Alerts Crypto Investors to Verify Platform Status

Hong Kong’s primary financial regulator has restated the March 1 deadline for cryptocurrency trading platforms to submit their license applications. 

The Securities and Futures Commission (SFC) emphasized that investors should verify the regulatory status of platforms and only engage in trading on licensed ones. All crypto trading platforms in Hong Kong must submit license applications by February 29, or they will be required to cease operations in the region by May 31. 

The SFC advised investors using platforms not listed as licensed or applicants to take prompt action, such as closing their accounts, to prepare for potential closures.

In a recent blog post, Christopher Hui, Secretary for Financial Services and the Treasury, mentioned that the local government will soon release a consultation on a proposed regulatory framework for over-the-counter cryptocurrency trading platforms, citing increasing risks in the industry.

The SFC is currently in the process of reviewing applications from 14 cryptocurrency firms, including OKX and Bybit, as stated on the regulator’s website. Among the applicants is HKVAEX, a crypto platform reportedly associated with Binance, which submitted its application on January 4, according to the SFC’s official list.

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2024-02-05 15:16