Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result
Home Crypto Exchanges

Hong Kong’s SFC Exposes Unregulated Crypto Entities

Hania by Hania
September 26, 2023
in Crypto Exchanges
Reading Time: 3 mins read
A A
0
Hong Kong's SFC Exposes Unregulated Crypto Entities
Share on FacebookShare on Twitter
ADVERTISEMENT

Table Of Content:

  • Hong Kong’s SFC Blacklist Unveiled
  • Empowering Investors SFC’s Commitment to Regulatory Oversight
  • Focus on Education and Information Sharing

In the aftermath of the JPEX exchange debacle, the Hong Kong Securities and Futures Commission (SFC) has taken decisive steps by publishing a blacklist of cryptocurrency companies operating without regulation or licensing in the region. This move comes as a response to growing concerns among the public regarding unregulated Virtual Asset Trading Platforms (VATPs).

Hong Kong’s SFC Blacklist Unveiled

The SFC’s decision to create a blacklist of cryptocurrency exchanges follows the recent high-profile JPEX scandal, which marked one of the most significant fraud cases in Hong Kong’s cryptocurrency history. JPEX, an illegally operated crypto exchange, was recently forced to shut down, resulting in a staggering financial loss of $182 million and affecting over 2,200 investors.

The newly unveiled SFC blacklist includes several other crypto platforms, such as HKVAX, HKBitEx, Hong Kong BGE, and Victory, all of which are suspected of engaging in fraudulent activities. Reports suggest that these platforms operated without the necessary licenses and regulatory oversight. In light of the JPEX incident, the SFC has also committed to providing investors with a list of approved and licensed crypto projects, including those with pending applications. This initiative aims to create a safer trading environment for investors in Hong Kong.

Empowering Investors: SFC’s Commitment to Regulatory Oversight

Leung Fung-yee, CEO of the SFC, emphasized that this action will empower investors to avoid unregulated platforms operating within the region. The SFC’s enhanced authority to oversee VATPs and enforce stringent governance measures is a result of the recently implemented Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (AMLO).

You May AlsoLike

Ronaldo Faces $1 Billion Lawsuit Over Binance NFT Endorsement

Ronaldo Faces $1 Billion Lawsuit Over Binance NFT Endorsement

December 1, 2023
Brazil Approves 15% Tax On Cryptocurrency From Overseas Exchanges In 2024

Brazil Approves 15% Tax On Cryptocurrency From Overseas Exchanges In 2024

November 30, 2023

The SFC is set to maintain an exclusive list of both unreliable and licensed platforms, making this information readily accessible on its website. The goal is to enhance transparency and assist investors in making informed decisions.

Hong Kong's SFC Exposes Unregulated Crypto Entities

Focus on Education and Information Sharing

Alongside the publication of the blacklist, the SFC has underscored the importance of intensifying investor education and information dissemination efforts. While acknowledging the risks associated with VATPs, such as money laundering, the SFC recognizes the compelling benefits that the underlying technologies of these digital finance and virtual asset (VA) activities bring to the table.

To tackle this challenge, the SFC has initiated a partnership with the Investor and Financial Education Council (IFEC), launching a public campaign aimed at promoting vigilance against fraud and accelerating investor education through various channels, including social media, mass media, and educational talks. Additionally, the SFC will bolster its intelligence-gathering processes and enhance its enforcement actions.

Furthermore, the SFC is exploring the possibility of collaborating with law enforcement agencies to share information related to suspicious activities linked to VATPs. The overarching mission of the SFC is to safeguard assets, prevent market manipulation and abusive practices, and eliminate conflicts of interest, ultimately ensuring the protection of investors.

Summary:

  • The Hong Kong SFC responds to the JPEX exchange scandal by releasing a blacklist of cryptocurrency companies operating without regulatory oversight.
  • The blacklist includes JPEX and several other suspicious crypto platforms suspected of fraudulent activities.
  • The SFC commits to providing investors with a list of approved and licensed crypto projects to ensure a safer trading environment.
  • Enhanced regulatory authority is attributed to the recently implemented Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO).
  • The SFC emphasizes the importance of investor education and information sharing to address the challenges posed by unregulated Virtual Asset Trading Platforms (VATPs).
  • A partnership with the Investor and Financial Education Council (IFEC) and potential collaboration with law enforcement agencies are part of the SFC’s comprehensive approach to investor protection.
Tags: crypto exchangecrypto newsREGULATIONS
Share76Tweet47
ADVERTISEMENT
Previous Post

Binance And MUFG Japan Join Forces For Stablecoin Expansion

Next Post

Celsius Bankruptcy Update: Creditors Overwhelmingly Back Reorganization Plan

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Ronaldo Faces $1 Billion Lawsuit Over Binance NFT Endorsement
NFT News

Ronaldo Faces $1 Billion Lawsuit Over Binance NFT Endorsement

December 1, 2023
Brazil Approves 15% Tax On Cryptocurrency From Overseas Exchanges In 2024
Crypto Exchanges

Brazil Approves 15% Tax On Cryptocurrency From Overseas Exchanges In 2024

November 30, 2023
FTX Gains Approval To Liquidate $873M In Assets For Creditor Repayment
Crypto Exchanges

FTX Gains Approval To Liquidate $873M In Assets For Creditor Repayment

November 30, 2023
Binance Ceases BUSD Support, Shifts to FDUSD: Impact & Implications
Crypto Exchanges

Binance Ceases BUSD Support, Shifts to FDUSD: Impact & Implications

November 30, 2023
Ronaldo Faces $1 Billion Lawsuit Over Binance NFT Endorsement
Crypto Exchanges

Cristiano Ronaldo Sued Over Binance Partnership: Exploring Legal Ramifications

November 29, 2023
Binance Shuts Down Major Liquidity Pools: What This Means For Crypto Traders
Altcoin News

Binance Shuts Down Major Liquidity Pools: What This Means For Crypto Traders

November 29, 2023
Next Post
Celsius Bankruptcy Update: Creditors Overwhelmingly Back Reorganization Plan

Celsius Bankruptcy Update: Creditors Overwhelmingly Back Reorganization Plan

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • XRP Holders Receive Unexpected Good News From Bitrue

    XRP Holders Receive Unexpected Good News From Bitrue

    201 shares
    Share 80 Tweet 50
  • XRP’s Rollercoaster Ride: Whales Stir the Waters Amid Market Fluctuations

    198 shares
    Share 79 Tweet 50
  • Shiba Inu (SHIB): 3 Crucial Factors For The Week Ahead

    198 shares
    Share 79 Tweet 50
  • Binance Shuts Down Major Liquidity Pools: What This Means For Crypto Traders

    196 shares
    Share 78 Tweet 49
  • Solana’s Remarkable Journey: From the Ashes to New Heights

    195 shares
    Share 78 Tweet 49
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2023 CryptoMufasa - All Rights Reserved!

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2023 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.