Hong Kong Securities and Futures Commission to Announce Suspicious Crypto Platforms

The Securities and Futures Commission (SFC) of Hong Kong has announced that it will release a special list of suspicious cryptocurrency platforms in the wake of the events on the JPEX exchange.

The Securities and Futures Commission (SFC) of Hong Kong has announced that, following investigations into the JPEX exchange, it will disclose a list of companies that have applied for cryptocurrency trading licenses and will also publish a special list of suspicious trading platforms.

These actions have gained momentum in the wake of recent developments at the JPEX exchange, where the number of individuals arrested had risen to 11, and access to the exchange was blocked.

SFC officials aim to better inform the public and assist in identifying suspicious activities with these steps.

SFC will publish these lists as follows:

List of Licensed Virtual Asset Trading Platforms (VATPs): This list will include platforms that have obtained licenses for cryptocurrency trading.

List of Closed VATPs: This category will include a list of previously terminated or closed VATPs.

List of VATPs Considered Licensed as of June 1, 2024: This list will encompass VATPs that have managed to obtain licenses by a specific date.

Special List of Suspicious VATPs: This list will include VATPs associated with suspicious or illegal activities and aims to help the public in identifying these platforms more easily.

Enhancing Transparency in the Cryptocurrency Sector

Additionally, Elizabeth Wong, the Director of Intermediaries Licensing and the Head of Fintech Unit at SFC, stated that the publication of these lists will allow the public to scrutinize whether a particular platform has made false declarations concerning their license applications, contributing to greater transparency and regulation in the cryptocurrency trading sector.

Source: The Block

Previous Article

Open AI is Improving ChatGPT's Arsenal with Voice Communication

Next Article

The Tension Between SEC and Coinbase Continues to Rise

Related Posts