SFC Detects Hong Kong Exchanges That Provide China Mainland Services
CryptoNewsTerminal Staff01 Jun, 2024
SFC Detects Hong Kong Exchanges That Provide China Mainland Services
Hong Kong's Securities and Futures Commission (SFC) has identified a number of Hong Kong exchanges that are providing services to clients in mainland China, in breach of the city's securities laws. The SFC said in a statement on Tuesday that it had investigated a number of exchanges and found that some were operating without a license in Hong Kong, while others were offering unauthorized services. The SFC said it had taken enforcement action against a number of exchanges, including suspending their operations and imposing fines. The SFC's action comes amid growing concerns about the increasing flow of capital from mainland China into Hong Kong's financial markets. The SFC said it is committed to ensuring that Hong Kong's financial markets are fair, orderly and transparent.
