{"id":546292,"date":"2023-08-09T01:10:05","date_gmt":"2023-08-09T01:10:05","guid":{"rendered":"https:\/\/wncen.com\/?p=546292"},"modified":"2024-06-11T11:13:49","modified_gmt":"2024-06-11T11:13:49","slug":"crypto-firms-false-license-applications","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-firms-false-license-applications\/","title":{"rendered":"Beware Of Crypto Firms Falsely Claiming To Have Submitted License Applications"},"content":{"rendered":"

In recent developments, Hong Kong regulators have <\/span>issued<\/span><\/a> cautionary warnings to crypto investors, asking them to be careful of potential investment risks. According to the city\u2019s chief regulatory agency, some cryptocurrency trading platforms have been making erroneous claims about meeting the regulatory requirements for digital assets.\u00a0<\/span><\/p>\n

Investors Beware Of False Claims From Crypto Firms<\/h2>\n

The Securities and Futures Commission (SFC), the chief regulatory body of Hong Kong, released the alert on August 7. In the statement, the commission noted that some unlicensed exchanges in the city were engaging in \u201cimproper practices.\u201d\u00a0<\/span><\/p>\n

Related Reading: Valkyrie Unveils Double-Barreled Approach To Launch An Ethereum ETF Alongside A Bitcoin ETF<\/a><\/div>\n

According to the body, unlicensed Virtual Assets Trading Platforms (VATPs) are falsely claiming to have submitted license applications to the body, which would enable them to conduct transactions legally in the special administrative region of China.\u00a0<\/span><\/p>\n

Such fraudulent claims were designed to \u201cgive the public a false sense of assurance\u201d and were targeted at \u201cinducing another person to trade in virtual assets.\u201d Making such claims amounts to a punishable offense under the city\u2019s Anti-Money Laundering and Counter-Terrorist Finance <\/span>Ordinance<\/span><\/a>, the regulatory body said.\u00a0<\/span><\/p>\n

Furthermore, the SFC will consider any likely misrepresentation made by an unlicensed Virtual Asset Trading Platform when deciding whether or not to grant them a license. The SFC may view as unfavorable any non-compliant actions that would need the reversion of client withdrawal or transactions that could have been reasonably avoided.\u00a0<\/span><\/p>\n

The Securities and Futures Commission said it will evaluate a Virtual Asset Trading Platform\u2019s application based on its ability to show genuine intention to correct previous non-compliant actions, including the gradual unwinding of impermissible transactions.\u00a0<\/span><\/p>\n

Virtual Assets Trading Platforms that do not meet the agency\u2019s requirements must make efforts to meet the regulatory and legal obligations of licensed VAPTs, the SFC clarified.<\/span><\/p>\n

\"Crypto<\/p>\n

Total market cap recovers to $1.133 trillion | Source: Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n
Hong Kong\u2019s Regulatory Framework<\/h2>\n
Hong Kong\u2019s Securities and Futures Commission<\/span><\/a> (SFC)\u00a0 recently released <\/span>guidelines<\/span><\/a> for Virtual Asset Trading Platform operators in the country to provide more regulatory certainty for the crypto industry in the country and help protect investors\u2019 interests.\u00a0<\/span><\/p>\n
The SFC laid down rules that would enable centralized exchanges to provide services to retail clients, provided they are authorized by a license obtained from the Securities and Futures Commission.\u00a0<\/span><\/p>\n
Under Hong Kong\u2019s <\/span>VASP regime<\/span><\/a>, which kickstarted on June 1, 2023, a one-year grace period commencing from June 1, 2023, allowed exchanges with an existing large presence in the city to continue operations while making changes to their businesses to ensure compliance with the new SFCs rules.\u00a0<\/span><\/p>\n
Related Reading: PayPal\u2019s PYUSD Launch Triggers Calls For Stablecoin Bill<\/a><\/div>\n
Platform operators that had not commenced operations before June 1, 2023, had to be SFC-licensed before they could operate. However, it seems that certain exchanges are already violating the rules provided under the new regime.\u00a0<\/span><\/p>\n
According to SFC, investors participating in trading on unregulated virtual asset exchanges are likely to face \u201closing their entire investment\u201d on the exchange if it \u201cceases operation, collapses, is hacked,\u201d or \u201csuffers from any misappropriation of assets.\u201d\u00a0<\/span><\/p>\n
Following this, many exchanges have publicly pledged to submit licensing applications with the SFC, including Huobi and OKX, two popular exchanges in Asia.\u00a0<\/span><\/p>\n
Featured image from PayBito, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
In recent developments, Hong Kong regulators have issued cautionary warnings to crypto investors, asking them to be careful of potential investment risks. According to the city\u2019s chief regulatory agency, some cryptocurrency trading platforms have been making erroneous claims about meeting the regulatory requirements for digital assets.\u00a0 Investors Beware Of False Claims From Crypto Firms The Securities and Futures Commission (SFC), the chief regulatory body of Hong Kong, released the alert on August 7. In the statement, the commission noted that some unlicensed exchanges in the city were engaging in \u201cimproper practices.\u201d\u00a0 Related Reading: Valkyrie Unveils Double-Barreled Approach To Launch An Ethereum ETF Alongside A Bitcoin ETF According to the body, unlicensed Virtual Assets Trading Platforms (VATPs) are falsely claiming to have submitted license applications to the body, which would enable them to conduct transactions legally in the special administrative region of China.\u00a0 Such fraudulent claims were designed to \u201cgive the public a false sense of assurance\u201d and were targeted at \u201cinducing another person to trade in virtual assets.\u201d Making such claims amounts to a punishable offense under the city\u2019s Anti-Money Laundering and Counter-Terrorist Finance Ordinance, the regulatory body said.\u00a0 Furthermore, the SFC will consider any likely misrepresentation made by an unlicensed Virtual Asset Trading Platform when deciding whether or not to grant them a license. The SFC may view as unfavorable any non-compliant actions that would need the reversion of client withdrawal or transactions that could have been reasonably avoided.\u00a0 The Securities and Futures Commission said it will evaluate a Virtual Asset Trading Platform\u2019s application based on its ability to show genuine intention to correct previous non-compliant actions, including the gradual unwinding of impermissible transactions.\u00a0 Virtual Assets Trading Platforms that do not meet the agency\u2019s requirements must make efforts to meet the regulatory and legal obligations of licensed VAPTs, the SFC clarified. Total market cap recovers to $1.133 trillion | Source: Crypto Total Market Cap on Tradingview.com Hong Kong\u2019s Regulatory Framework Hong Kong\u2019s Securities and Futures Commission (SFC)\u00a0 recently released guidelines for Virtual Asset Trading Platform operators in the country to provide more regulatory certainty for the crypto industry in the country and help protect investors\u2019 interests.\u00a0 The SFC laid down rules that would enable centralized exchanges to provide services to retail clients, provided they are authorized by a license obtained from the Securities and Futures Commission.\u00a0 Under Hong Kong\u2019s VASP regime, which kickstarted on June 1, 2023, a one-year grace period commencing from June 1, 2023, allowed exchanges with an existing large presence in the city to continue operations while making changes to their businesses to ensure compliance with the new SFCs rules.\u00a0 Related Reading: PayPal\u2019s PYUSD Launch Triggers Calls For Stablecoin Bill Platform operators that had not commenced operations before June 1, 2023, had to be SFC-licensed before they could operate. However, it seems that certain exchanges are already violating the rules provided under the new regime.\u00a0 According to SFC, investors participating in trading on unregulated virtual asset exchanges are likely to face \u201closing their entire investment\u201d on the exchange if it \u201cceases operation, collapses, is hacked,\u201d or \u201csuffers from any misappropriation of assets.\u201d\u00a0 Following this, many exchanges have publicly pledged to submit licensing applications with the SFC, including Huobi and OKX, two popular exchanges in Asia.\u00a0 Featured image from PayBito, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":546295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[89069,13331,2359,15226,13401],"class_list":["post-546292","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-crypto-firms","tag-crypto-regulation","tag-hong-kong","tag-hong-kong-sfc","tag-securities-and-futures-commission"],"acf":[],"yoast_head":"\nBeware Of Crypto Firms Falsely Claiming To Have Submitted License Applications<\/title>\n<meta name=\"description\" content=\"In recent developments, Hong Kong regulators have issued cautionary warnings to crypto investors, asking them to be careful of potential investment risks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Beware Of Crypto Firms Falsely  Claiming To Have Submitted License Applications","url":"http:\/\/wncen.com\/news\/crypto-firms-false-license-applications\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/crypto-firms-false-license-applications\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Hong-Kong-crypto.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Hong-Kong-crypto.jpeg?fit=1200%2C800"},"articleSection":"Crypto","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto firms","crypto regulation","hong kong","hong kong sfc","securities and futures commission"],"dateCreated":"2023-08-09T01:10:05Z","datePublished":"2023-08-09T01:10:05Z","dateModified":"2024-06-11T11:13:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Beware Of Crypto Firms Falsely  Claiming To Have Submitted License Applications\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-firms-false-license-applications\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-firms-false-license-applications\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Hong-Kong-crypto.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/Hong-Kong-crypto.jpeg?fit=1200%2C800\"},\"articleSection\":\"Crypto\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto firms\",\"crypto regulation\",\"hong kong\",\"hong kong sfc\",\"securities and futures commission\"],\"dateCreated\":\"2023-08-09T01:10:05Z\",\"datePublished\":\"2023-08-09T01:10:05Z\",\"dateModified\":\"2024-06-11T11:13:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/Hong-Kong-crypto.jpeg?fit=1200%2C800","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546292"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=546292"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546292\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/546295"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=546292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=546292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=546292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}