The Hong Kong Securities and Futures Commission (SFC) has added seven crypto exchanges to its Alert List for conducting unauthorised activities without the required licenses.

This brings the total number of flagged exchanges to 39, with 28 added in 2024 alone.

The seven newly identified unlicensed exchanges are Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT, and Bstorest.

These exchanges are suspected of engaging in fraudulent activities and compromising investor safety.

The SFC has maintained the Alert List since January 2020, cataloguing the region’s licensed and unlicensed crypto exchanges. Earlier this year, the SFC mandated that all crypto exchanges apply for operational licenses, with a deadline that elapsed on 31 May.

While over 22 exchanges submitted their applications, others, including HTX and Gate.io, opted out just before the cutoff date.

OSL Digital Securities Limited (OSL) and HashKey Digital Asset Group Limited (HashKey) are two prominent companies licensed by SFC in Hong Kong to operate as Virtual Asset Trading Platforms. 

Since early 2024, Hong Kong has been firmly committed to enforcing regulatory compliance in the crypto sector. The SFC has taken decisive measures, including mandating the closure of non-compliant exchanges.

Featured image credit: Edited from Freepik