The Securities and Futures Commission of Hong Kong (SFC) has issued warnings against seven cryptocurrency trading platforms for operating illegally without proper licenses in the region.
The SFC maintains a public alert list to safeguard against scams and fraud in the crypto market. As of July 5, the list includes seven new entries: Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT, and Bstorest.
These platforms are accused of misleading investors by falsely claiming association with Hong Kong and engaging in fraudulent activities such as withholding withdrawals and imposing unauthorized fees.
In 2024 alone, the SFC has added 28 crypto exchanges to its alert list, bringing the total to 39 entries since January 2020. Earlier this year, Hong Kong intensified efforts to regulate crypto trading services, requiring all exchanges to apply for licenses by May 31.
Failure to comply resulted in mandatory shutdowns, though some exchanges withdrew their applications just before the deadline.
Hong Kong’s proactive stance on crypto regulation was underscored by recent efforts to attract foreign crypto and Web3 startups, including participation in a tech conference in Toronto, Canada.
The initiative aimed to promote Hong Kong as an offshore technology hub ready for international investment opportunities.
The U.S. Securities and Exchange Commission’s (SEC) crypto task force, led by Commissioner Hester Peirce, is continuing its behind-the-scenes engagement with digital asset firms as the agency weighs new approaches to crypto regulation.
In a major policy shift, the Federal Reserve announced on Thursday that it will no longer require state-chartered member banks to notify the central bank before engaging in crypto-asset activities.
A new report by the Bank for International Settlements has reignited the clash between traditional financial authorities and the crypto world.
Federal Reserve Chair Jerome Powell has hinted that U.S. banks may soon see more flexibility when it comes to handling digital assets—a notable shift from the cautious approach regulators have maintained in recent years.