Hong Kong securities regulator warns of ‘criminal’ activity by unlicensed exchanges

The Securities and Futures Commission (SFC) of Hong Kong released a notification about unlicensed virtual asset trading platforms “engaging in improper practices,” warning of possible criminal charges.In an Aug. 7 notification, the SFC stated certain trading firms had falsely claimed to have sent applications for licenses in Hong Kong. Source: Securities and Futures Commission by means of FacebookAccording to the SFC, some unlicensed crypto trading platforms in Hong Kong set up new entities, claiming to have submitted applications to the securities regulator. The licensing program needs crypto exchanges and service suppliers to make sure safe custody of possessions as well as follow Know Your Customer, Anti-Money Laundering and Combatting the Financing of Terrorism guidelines, among others.Magazine: DeFi deals with stress test, DoJ fears run on Binance, Hong Kongs crypto trading: Hodlers Digest, July 30– Aug. 5