The SFC reported that crypto exchanges were operating without a license from the regulator. All blacklisted platforms are suspected of fraudulent activity and deceiving investors. In particular, most of these platforms widely practice various methods of extorting crypto assets from clients. For example, blocking withdrawals with a demand to pay “fixed fees” to resume operations.
At the same time, the administrations of digital platforms mislead customers and state in open sources that their crypto exchanges are licensed by the SFC and comply with all established legal norms. Since January 2020, 39 dubious local crypto companies have been added to the SFC warning list. Of these, 28 attracted the regulator’s close attention in 2024.
Earlier, Hong Kong Treasury Secretary Christopher Hui said that regulators would “monitor developments in the regional market and are prepared to revise, as necessary, the rules for regulating digital assets for licensed companies in the direction of their liberalization.”
Source: Bits
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