After the JPEX scandal, Hong Kong announced a listing of cryptocurrency exchanges applying for working licenses

Furthermore, the Hong Kong Securities and Derivatives Commission (SFC) will also publish a committed listing of suspicious trading platforms.

After the JPEX scandal, Hong Kong announced a listing of cryptocurrency exchanges applying for working licenses. Photo: South China Morning Post

According to the announcement on September 25, 2023, SFC stated it will publish the “List of Authorized Virtual Asset Trading Platforms (VATPs), “The List of Closed VATPs” with a particular time time period. Specifically, “The list of VATPs considered authorized that will be operational from 1 June 2024” and “List of organizations applying for the PIVA license”.

In response to the JPEX incident that could grow to be the biggest fraud situation in Hong Kong historical past, the Hong Kong SFC held a press conference now to announce a distinctive blacklist of suspicious cryptocurrency trading platforms and cooperate with the police to get legal action towards…

— Wu Blockchain (@WuBlockchain) September 25, 2023

“To help the public easily identify suspicious VAT Parties operating in Hong Kong and raise awareness, the SFC will enhance and publish a special list of Suspicious VAT Parties, easily accessible and prominently displayed on the SFC website.”

Ms Elizabeth Wong, director of licensing and head of fintech at the SFC, stated publishing the listing of claimants will let the public to closely examine no matter whether a platform is claiming licensing discrepancies or not.

Furthermore, in a separate interview with regional media channel RTHK, SFC’s director of licensing also stated disclosure Currently, there are four businesses in the method of applying for the license: HKVAX, HKBitEx, Hong Kong BGE Limited and Victory Securities.

After two months of implementing the “open” policy with cryptocurrencies, so far there are only two exchanges authorized to present cryptocurrency trading in Hong Kong for personal traders, HashKey and OSL. Other significant names like OKX, Huobi,… have also utilized for licenses and are waiting for success from SFC.

This action comes just after the JPEX scandal in Hong Kong led to the arrest of a associated KOL. As Coinlive SFC has reportedly not charged any JPEX Group unit with possessing the agency’s license, so the exchange is working illegally in Hong Kong. After obtaining the warning, JPEX modified its operations and trading policies, notably rising the withdrawal charge to 980 USDT and the greatest withdrawal restrict to one,000 USD.

The SFC’s most recent move aims to maximize data dissemination and investor schooling on virtual asset trading platforms. By executing so, the public will conveniently determine suspicious sites and trading platforms and superior comprehend the likely hazards.

Coinlive compiled

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