HK regulator vows to accentuate crackdown on unregistered crypto platforms


Hong Kong’s monetary regulator, the Securities and Futures Fee (SFC) has vowed to step up its efforts to fight unregulated cryptocurrency buying and selling platforms in its jurisdiction

Based on a Sept. 25 announcement, the SFC stated it can publish an inventory of all licensed, deemed licensed, closing down and application-pending digital asset buying and selling platforms (VATPs) to higher assist members of the general public determine probably unregulated VATPs doing enterprise in Hong Kong. 

Moreover, the SFC stated it can problem a devoted listing of “suspicious VATPs” which can be featured in an simply accessible and distinguished a part of the regulators’ web site.

The transfer comes instantly following the latest JPEX crypto trade scandal, which is estimated to have a monetary fallout of round $178 million. On the time of publication, native police have acquired greater than 2,200 complaints from affected customers of the trade. 

The SFC stated the ensuing fallout from JPEX “highlights the dangers of coping with unregulated VATPs and the necessity for correct regulation to take care of market confidence.”

Moreover, the SFC stated that it could be working with native police to ascertain a devoted channel for residents to share info on suspicious exercise and potential authorized breaches by VATPs, in addition to higher investigating the JPEX incident to assist “convey the wrong-doers to justice.”

This can be a growing story, and additional info can be added because it turns into obtainable.