Hong Kong SFC to Clamp Down on Rogue Crypto Exchanges from June 1
CryptoNewsTerminal Staff28 May, 2024
Hong Kong SFC to Clamp Down on Rogue Crypto Exchanges from June 1
SFC, the Securities and Futures Commission in Hong Kong, declared on their website that they will begin cracking down on cryptocurrency exchanges not under their regulations from June 1. The SFC emphasized that “this action is taken under the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Ordinance. Every cryptocurrency exchange operating in Hong Kong must be licensed by the SFC or have obtained a temporary license. Unapproved exchanges will be subject to enforcement action after June 1. In addition, each exchange must have its own system to prevent mainland Chinese users from using the service.”
