Hong Kong's main financial regulator has rescheduled the March 1 deadline for cryptocurrency trading platforms to submit their license applications.
The Securities and Futures Commission (SFC) has emphasized that investors should check the regulatory status of platforms and only engage in trading on licensed platforms. All cryptocurrency exchanges in Hong Kong must submit license applications by February 29, or they will be required to cease operations in the region by May 31.
The SEC advised investors who use platforms not listed as licensed or filers to take quick action, such as closing their accounts, to prepare for potential closures.
In a recent blog post, Christopher Hoey, Minister for Financial Services and Treasury, stated that the local government will soon issue a consultation on a proposed regulatory framework for over-the-counter cryptocurrency trading platforms, citing growing risks in the industry.
The SFC is currently reviewing applications from 14 cryptocurrency companies, including OKX and Bybit, as stated on the regulator’s website. Among the applicants is HKVAEX, a cryptocurrency platform said to be linked to Binance, which submitted its application on January 4, according to the SFC's official list.
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