The Securities and Futures Commission (SFC) of Hong Kong continues its efforts to combat fraudulent crypto exchanges, issuing a warning against HKCEXP, a suspicious trading platform falsely claiming registration with the regulator.
Notice issued by the Hong Kong SFC about the closure of crypto license applications. Source: sfc.hk
Amidst a regulatory deadline for crypto exchanges to apply for operational licenses by February 29, the SFC received applications from 22 platforms, with four applying under the previous opt-in regime. Exchanges failing to comply face closure by May 31.
List of all crypto exchanges and trading platforms that applied for operation licenses in Hong Kong. Source: sfc.hk
Despite these measures, fake entities persist, exemplified by HKCEXP's deceitful claims of being an "FSC-registered business" and providing a fake Hong Kong address. Victims reported excessive withdrawal fees, highlighting the risks posed by such platforms.
Hong Kong SFC added HKCEXP to its list of alerts as a suspicious crypto trading platform. Source: sfc.hk
To enhance public awareness and safety, the SFC plans to maintain a public list of licensed crypto platforms. Exchanges lacking licenses are restricted in operations and marketing activities in Hong Kong.
Earlier in March, the SFC identified and blocked fake websites impersonating licensed exchanges like OSL Digital Securities and Hash Blockchain Limited. Investors are advised to verify platforms using the SFC's public register and list of licensed virtual asset trading platforms.
Hong Kong's SFC warns against fraudulent crypto exchange websites, taking action to protect investors. Public urged to verify legitimacy and exercise caution amidst ongoing regulatory efforts.
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