Hong Kong to Announce Companies Applying for License!

Hong Kong announce that it will disclose a list of companies applying for newly launched retail crypto trading license following the JPEX controversy. The Securities and Futures Commission (SFC) stated in their announcement that they will publish a list of licensed virtual asset trading platforms, a list of closed VATPs, and a list of VATPs considered licensed after June 1, 2024.

The SFC stated in their announcement, “To help the public more easily identify and increase awareness of suspicious VATPs operating in Hong Kong, the SFC will develop and publish a specific list of suspicious VATPs that is easily accessible and featured on the SFC’s website.”

SFC Licensing Director and Fintech Unit Head Elizabeth Wong stated in a press conference that publishing the list of applicants allows the public to check whether platforms have made false declarations related to license applications. She also said, ‘According to local media RTHK, there are currently four companies in the preliminary process for applying for a license.

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Raid!

This move by the SFC comes after the regulator warned on September 13 that the crypto phenomenon and trading platform JPEX made “false or misleading statements on social media” by stating that the company had applied for a virtual asset trading license in Hong Kong.

Last week, 20 different places were raided by the Hong Kong police and 11 people were detained from various locations.

As a response to the police intervention, JPEX officials stated they had received “unfair treatment”. In another announcement made by the exchange, they called for their users in Hong Kong to “temporarily stop depositing new assets and crypto assets to the platform”.

Operations manager of crypto platform VDX, Donald Day,

said, “It’s very encouraging that Hong Kong is ready to impose sanctions against unlicensed and criminal activities. It’s also very positive to see that there are people who often force ignorant investors to trade on JPEX, also known as ‘KOL’.

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