Hong Kong Intensifies Cryptocurrency Exchange Oversight
The Securities and Futures Commission (SFC) of Hong Kong has issued a warning against seven cryptocurrency exchanges suspected of fraudulent operations.
XTCQT, CEG, BTEPRO, Bitones.org, Yomaex Crypto Market Limited, Bstor, and Taurusemex are the major names.
Investors have reported significant challenges in withdrawing their funds from these platforms, promoting regulatory scrutiny.
In a bid to tighten control over the crypto market, Hong Kong has announced that from June 1, 2024, it will be illegal to operate a VATP without proper licensing.
The upcoming regulations are stringent, focusing on preventing fraud and money laundering within the crypto space.
Hong Kong's crypto market is expected to see substantial revenue growth, with estimates suggesting an increase of over $254.6 million by 2028.