The Hong Kong Securities regulatory warned citizens to remain away from many crypto exchanges that look genuine but are not.
Hong Kong is a crypto-friendly jurisdiction. Since mid-2023, crypto trading has been fully legal under precise rules & laws in the jurisdiction of Hong Kong. As we know Hong Kong is a special administrative region of China but Hong Kong is crypto-friendly, unlike China. Crypto trading has been fully illegal in mainland China since Dec 2021.
In the latest, the Hong Kong Securities and Futures Commission (SFC) issued a public warning message to all the citizens who are trading cryptocurrencies.
The SFC body released a set of fake crypto exchanges that intended to show genuine platforms or other reputed platforms.
This is not the first time that the SFC body warned citizens against fake crypto exchanges. Earlier in Feb, a similar kind of warning came from the SFC body, where they warned people about the fake “MEXC” Crypto Exchange.
Such types of crypto-related awareness warnings & information by the regulatory body are a very appreciating thing but sad to see that bad actors are actively trying to scam people using different types of tactics.
Hong Kong & Employment
Because of crypto-friendly rules in the jurisdiction of Hong Kong, many Chinese visit Hong Kong to get jobs related to crypto & blockchain.
Reportedly a very big population of mainland China shifted to Hong Kong to get jobs in Hong Kong. This shows that Hong Kong is getting huge benefits from the Bitcoin adoption strategy.
Now it will be interesting to see how the regulatory bodies of Hong Kong will fight against bad actors linked with cryptocurrencies, whether they will partner with blockchain security firms or set up their isolated team to fight.
Read also: “Ethereum spot ETF” is now a new hype for ETH pump but approval chances are rare, Says Crypto lawyer
Hong Kong regulator warns against “fake crypto exchange” HSKEX
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