Hong Kong’s Securities and Futures Commission (SFC) has added seven cryptocurrency trading platforms to its alert list for operating without the necessary licenses, raising concerns about investor safety.
On July 5, the SFC issued warnings against seven crypto exchanges for operating illegally in the region. These platforms are now listed as unregulated or falsely claiming affiliation with Hong Kong.
Protecting Investors
The SFC has been maintaining this alert list since January 2020 to help protect investors from scams and fraud. The list currently includes 39 entries, with 28 new cryptocurrency exchanges flagged in 2024 alone. The latest additions are Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT, and Bstorest.
The SFC’s warnings indicate that these exchanges are suspected of fraudulent practices, including deceiving investors into thinking they were registered with the SFC. Many of these platforms have reportedly blocked withdrawals and demanded “fees” to resume operations, which raises red flags about their legitimacy.
Sumary Review: Hong Kong’s Securities and Futures Commission (SFC) has flagged seven cryptocurrency exchanges for operating without proper licenses, highlighting the ongoing issue of unregulated platforms in the crypto space. These exchanges, recently added to the SFC’s alert list, are suspected of engaging in fraudulent activities and misleading investors. The SFC continues to update its list to protect investors from potential scams and ensure that only licensed and legitimate platforms operate within Hong Kong. This move underscores the importance of regulatory oversight in maintaining a safe and trustworthy trading environment for cryptocurrency investors.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
