Hong Kong Shares List of 7 Suspicious Crypto Exchanges

Published: Jul 15, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

The Hong Kong Securities and Exchange Commission has released an updated list of crypto exchanges that are operating without a license in the jurisdiction.

According to the details shared by the SFC, these firms are believed to be or already have targeted Hong Kong investors. 

Key points:

  • SFC releases an alert list to crypto investors.
  • The list helps investors stay away from entities that are fraudulent and unlicensed.
  • SFC added seven exchanges to the list.
  • Hong Kong SFC alert list has 39 entries.

The Alert List by the SFC is a comprehensive list maintained by Hong Kong to warn investors of unlicensed, fraudulent and scam crypto firms.

Source: Hong Kong SFC Alert List

Early Alert List by Hong Kong includes Bybit and MEXC

The very first entry on the Alert list is from November 2021. The firms have been listed depending on suspicious trading activities on their platforms.

The list includes some prominent names, including MEXC, Bybit, BitForex and other firms including BitCloud, Bitget Pro, CBEX Group etc.

The SFC has now added seven more crypto firms to its list as of July 5. These include Taurusemex, Yomaex Crypto Market Limited / Yomaex, Bitones, BTEPRO, CEG, XTCQT and Bstor.

Also read: Crypto Funds See $1.44B Inflows As Bitcoin Reclaims $62,000

Hong Kong has been trying various methods to establish itself as a crypto hub. The special administrative region had also urged crypto firms to comply with their regulatory guidelines.

While many applied for the license, several firms also decided to withdraw their licenses.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.