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Hong Kong ‘s top financial regulator has urged investors to check the regulatory status of crypto trading platforms on March 1, reiterating the deadline for crypto trading platforms to submit their license applications.
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In a statement today, the Securities and Futures Commission (SFC) reminded investors that they should only trade on licensed trading platforms. The regulator announced that all crypto trading platforms in Hong Kong must submit their license applications by February 29 or cease their operations in the region by May 31.
The commission advised investors to act quickly if they are trading on platforms that are not on the “list of licensed virtual asset trading platforms” or the “list of virtual asset trading platform applications.” The regulator urged these investors to take steps such as closing their accounts to “make early preparations.”
In June 2023, Hong Kong officially launched its licensing regime for virtual asset trading platforms, allowing licensed exchanges to offer retail trading services. Two platforms, HashKey and OSL, have received such licenses in Hong Kong. The commission is currently reviewing applications from 14 crypto firms, including OKX and Bybit, according to the regulator’s official website. According to the commission’s application list, HKVAEX, a crypto platform associated with Binance, applied for the same license on January 4.
This advisory is part of a broader effort to regulate crypto trading platforms. Also, Financial Services and Treasury Secretary Christopher Hui said the local government will soon release a consultation paper on the proposed regulatory framework for over-the-counter crypto trading platforms as risks rise.