Hong Kong SFC Busts Seven Illegal Crypto Exchanges

Hong Kong is cracking down on unlicensed crypto exchanges! The Securities and Futures Commission (SFC) just added seven new names to their watchlist, bringing the total to 39. These exchanges, including Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT, and Bstorest, are suspected of scams and could put investors at risk.

The SFC has been keeping track of licensed and unlicensed crypto exchanges since 2020. This year, they made it mandatory for all exchanges to get a license by May 31st. While over 22 companies applied, some like HTX and Gate.io decided not to.

Hong Kong is serious about crypto regulations. They’ve given licenses to two companies, OSL and HashKey, to operate as official Virtual Asset Trading Platforms. This move shows their commitment to a safe and controlled crypto environment.

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