This regulatory crackdown underscores the SFC's commitment to fostering a secure and transparent environment for virtual asset trading.
All cryptocurrency exchanges that have not applied for an operational license with the Securities and Futures Commission (SFC) of Hong Kong are legally required to cease operations in the region immediately.
In an effort to minimize risks for investors, Hong Kong regulators issued a clear ultimatum to cryptocurrency exchanges: either apply for a license by Feb. 29 or shut down their operations within three months.
During this period, more than 22 cryptocurrency exchanges applied for licenses to maintain their presence in the region. However, many of these exchanges ultimately decided to withdraw their applications just before the deadline.
