Hong Kong SFC Issues ALERTS Against 7 Crypto Platforms Over Illegal Operations

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The Hong Kong SFC has issued alerts against seven crypto trading platforms for illegally operating in the region without operational licenses. It has been maintaining the alert list since January 2020. In 2024 alone, 28 cryptocurrency exchanges were flagged. The most recent additions to the list include Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT, and Bstorest. According to the warnings, all exchanges are suspected of engaging in fraudulent activities and duping investors into believing they were registered with the SFC. Most of these exchanges used extortion techniques, such as blocking withdrawals and demanding “fees” to resume operations.