On July 5, the Securities and Futures Commission (SFC) of Hong Kong issued alerts against seven crypto trading platforms that were operating illegally without proper operational licenses in the region.
The SFC manages a public record of registered, unregistered, and illegal crypto trading entities to minimize the risks related to scams and fraud.
The “Alert List,” which identifies exchanges that are either unlicensed or falsely claim to be associated with Hong Kong, included seven new entries on July 5.
Since January 2020, the SFC has maintained the Alert List, which currently has 39 entries. In 2021 alone, 28 cryptocurrency exchanges were added to the list.
The most recent additions include Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT, and Bstorest. According to the SFC warnings, all of these exchanges are suspected of engaging in fraudulent activities and deceiving investors by falsely claiming to be registered with the SFC.
