Hong Kong shuts down unlicensed cryptocurrency exchanges
Hong Kong has issued the following guidelines: All cryptocurrency exchanges that are not licensed by the Securities and Futures Commission (SFC) must cease operations immediately.
cryptocurrency exchange I was told to apply for my license by February 29th. Or close it within three months.
More than 22 exchanges pursued licenses; However, many withdrew their applications just before the deadline.
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OKX, Huobi HK and 4 other cryptocurrency exchanges It was withdrawn from the Hong Kong market last May.
Among them was local cryptocurrency exchange Gate.HK, which suspended operations on May 23 and allowed existing customers to withdraw their funds until August 28. Gate.HK cited. The need for a major redesign of trading platforms Complies with Hong Kong regulatory requirements.
Gate.HK is actively working on the aforementioned reorganization. We plan to resume our Hong Kong business in the future and contribute to the virtual asset ecosystem after obtaining the relevant licenses.
18 exchanges have submitted license applications and the SFC Announce approval by June 1st. Investors can check the list of approved exchanges on the SFC official website. At the time of writing, Only HashKey and OSL Exchange are approved.
Overall, the SFC’s regulations represent a future of rigorous supervision and compliance for cryptocurrency exchanges.
Meanwhile, the Hong Kong Securities and Futures Professionals Association (HKSFPA) proposed in April that Hong Kong cryptocurrency companies establish an independent self-regulatory committee.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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