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Post: SFC Warns Against HKCEXP: License Applications Received by Hong Kong Crypto Exchanges

SFC Warns Against HKCEXP: License Applications Received by Hong Kong Crypto Exchanges

Key Points:

  • The SFC of Hong Kong issued a warning against HKCEXP for falsely claiming to be an “FSC-registered business.”
  • The SFC alerted against HKCEXP, labeling it as a suspicious trading platform claiming registration with the regulator.
  • Crypto exchanges in Hong Kong had until Feb. 29 to apply for an operational license as per the SFC’s directive.
  • 22 crypto trading platforms submitted license applications, with four applying under the previous opt-in regime for crypto trading platforms.

Warning Against HKCEXP:

The SFC of Hong Kong has raised concerns about HKCEXP, a trading platform accused of falsely representing itself as an “FSC-registered business,” urging investors to exercise caution when dealing with such entities.

License Application Deadline:

The deadline set by the SFC for crypto exchanges in Hong Kong to apply for operational licenses was Feb. 29, emphasizing the regulatory push to bring the industry under its oversight.

License Applications Received:

22 crypto trading platforms, including those transitioning under the SFC’s previous opt-in scheme, submitted their license applications, aligning with the regulator’s efforts to formalize the crypto exchange sector in Hong Kong.

Hot Take:

The SFC’s proactive stance in issuing warnings against questionable entities like HKCEXP showcases its commitment to investor protection and regulatory compliance in Hong Kong’s evolving cryptocurrency landscape. The stringent deadlines set for license applications demonstrate the regulator’s push for transparency and accountability within the industry.

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