Hong Kong’s regulatory body, the Securities and Futures Commission (SFC), has recently observed various unlicensed virtual asset trading platforms (VATPs) resorting to dubious practices that could jeopardize investors’ trust and capital.
These platforms are sidestepping the necessary protocols and actively misleading potential investors. With high and real stakes, how can one tread safely in the cryptocurrency market?
Hong Kong Warns of Unlicensed Crypto Exchanges
Unscrupulous entities are misleading the public by falsely claiming to have submitted licensing applications to the SFC. Such claims provide a dangerous semblance of legitimacy.
Investors must remember that misrepresentation to induce crypto trading is an offense under section 53ZRG of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).
Despite transitional arrangements set up under the new regime to allow crypto exchanges to comply with…
