{"id":22842,"date":"2023-09-25T04:39:04","date_gmt":"2023-09-25T04:39:04","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/hk-regulator-vows-to-intensify-crackdown-on-unregistered-crypto-platforms\/"},"modified":"2023-09-25T04:39:06","modified_gmt":"2023-09-25T04:39:06","slug":"hk-regulator-vows-to-intensify-crackdown-on-unregistered-crypto-platforms","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/hk-regulator-vows-to-intensify-crackdown-on-unregistered-crypto-platforms\/","title":{"rendered":"HK regulator vows to intensify crackdown on unregistered crypto platforms"},"content":{"rendered":"<p><\/p>\n<div data-v-ff33fc9a=\"\">\n<p>Hong Kong&#8217;s financial regulator, the Securities and Futures Commission (SFC) has vowed to step up its efforts to combat unregulated cryptocurrency trading platforms in its jurisdiction<\/p>\n<p>According to a Sept. 25 announcement, the SFC said it will publish a list of all licensed, deemed licensed, closing down and application-pending virtual asset trading platforms (VATPs) to better help members of the public identify potentially unregulated VATPs doing business in Hong Kong.\u00a0<\/p>\n<p>Additionally, the SFC said it will issue a dedicated list of &#8220;suspicious VATPs&#8221; which will be featured in an easily accessible and prominent part of the regulators&#8217;\u00a0website.<\/p>\n<p>The move comes immediately following the recent JPEX crypto exchange scandal, which is estimated to have a financial fallout of around $178 million. At the time of publication, local police have received more than 2,200 complaints from affected users of the exchange.\u00a0<\/p>\n<p> The SFC said the resulting fallout from JPEX &#8220;highlights the risks of dealing with unregulated VATPs and the need for proper regulation to maintain market confidence.&#8221;<\/p>\n<p>Additionally, the SFC said that it would be working with local police to establish a dedicated channel for citizens to share information on suspicious activity and potential legal breaches by VATPs, as well as better investigating the JPEX incident to help &#8220;bring the wrong-doers to justice.&#8221;<\/p>\n<p class=\"post-content__disclaimer\">This is a developing story, and further information will be added as it becomes available.\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Hong Kong&#8217;s financial regulator, the Securities and Futures Commission (SFC) has vowed to step up its efforts to combat unregulated cryptocurrency trading platforms in its jurisdiction According to a Sept. 25 announcement, the SFC said it will publish a list of all licensed, deemed licensed, closing down and application-pending virtual asset trading platforms (VATPs) to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-22842","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HK regulator vows to intensify crackdown on unregistered crypto platforms | NFT &amp; 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