The Securities and Futures Commission (SFC) of Hong Kong has issued a warning to unlicensed providers of crypto trading services. Concerned about their engagement in “improper practices,” the regulator also said investors should be aware that some of these platforms may never actually apply for or obtain a license.
In a notice published Monday, Hong Kong’s securities and futures regulator said that some unlicensed virtual asset trading platforms (VATPs) have been engaged in what it called “improper practices.” The SFC warned the crypto firms about “potential legal and regulatory consequences.”
The Commission explained that while certain exchanges claim to have submitted license applications they have not done so in fact, giving users a false impression that they are in compliance with regulatory requirements. The SFC warned that making such misrepresentations is an offense.
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