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Hong Kong’s SFC finds crypto exchanges ‘non-compliant’ with new regulations
The post Hong Kong’s SFC finds crypto exchanges ‘non-compliant’ with new regulations appeared on BitcoinEthereumNews.com. The Securities and Futures Commission (SFC) of Hong Kong has identified that certain cryptocurrency exchanges operating under preliminary approval are not fully compliant with the region’s new regulations. Although these exchanges have been given initial authorization to operate, they have not yet met all of the SFC’s requirements to obtain full licensing. A spokesperson from SFC said that for platforms unable to address “critical deficiencies identified during on-site inspections,” the regulatory company may choose to revoke their deemed-to-be-licensed status or reject their license applications. Hong Kong finds deficiencies in ‘Deemed to Be Licensed’ crypto exchanges The SFC is intensifying its focus on investor protection and regulatory clarity, taking stringent action against non-compliant exchanges in Hong Kong. As of June 1, the commission made operating an unlicensed virtual asset trading platform (VATP) in the region illegal, putting significant pressure on crypto exchanges that have yet to obtain licenses. Specifically, firms categorized as ‘Deemed to be Licensed,’ which refers to those operating in the region before the new licensing regime, are facing heightened scrutiny. According to the SFC’s recent investigations, most of these applicants are still not ready and are at odds with the regulatory requirements. The SFC discovered some exchanges leave the custody of customer assets to a few executives to manage. Moreover, others do not try to protect their investors, allowing cybercriminals to infiltrate their systems. Some of the Crypto exchanges found on the wrong side of regulatory compliance include Crypto.com, Bullish, HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, EX.IO, YAX, WhaleFin and Matrixport HK. Only two platforms, OSL and HashKey, have successfully secured full licenses in Hong Kong. The SFC has assured that it will continue to issue licenses. However, despite these assurances, some exchanges, including OKX, Bybit, and Huobi HK, have withdrawn their license applications. List of virtual asset…
The post Hong Kong’s SFC finds crypto exchanges ‘non-compliant’ with new regulations appeared on BitcoinEthereumNews.com.
The Securities and Futures Commission (SFC) of Hong Kong has identified that certain cryptocurrency exchanges operating under preliminary approval are not fully compliant with the region’s new regulations. Although these exchanges have been given initial authorization to operate, they have not yet met all of the SFC’s requirements to obtain full licensing. A spokesperson from SFC said that for platforms unable to address “critical deficiencies identified during on-site inspections,” the regulatory company may choose to revoke their deemed-to-be-licensed status or reject their license applications. Hong Kong finds deficiencies in ‘Deemed to Be Licensed’ crypto exchanges The SFC is intensifying its focus on investor protection and regulatory clarity, taking stringent action against non-compliant exchanges in Hong Kong. As of June 1, the commission made operating an unlicensed virtual asset trading platform (VATP) in the region illegal, putting significant pressure on crypto exchanges that have yet to obtain licenses. Specifically, firms categorized as ‘Deemed to be Licensed,’ which refers to those operating in the region before the new licensing regime, are facing heightened scrutiny. According to the SFC’s recent investigations, most of these applicants are still not ready and are at odds with the regulatory requirements. The SFC discovered some exchanges leave the custody of customer assets to a few executives to manage. Moreover, others do not try to protect their investors, allowing cybercriminals to infiltrate their systems. Some of the Crypto exchanges found on the wrong side of regulatory compliance include Crypto.com, Bullish, HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, EX.IO, YAX, WhaleFin and Matrixport HK. Only two platforms, OSL and HashKey, have successfully secured full licenses in Hong Kong. The SFC has assured that it will continue to issue licenses. However, despite these assurances, some exchanges, including OKX, Bybit, and Huobi HK, have withdrawn their license applications. List of virtual asset…
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