Unlicensed crypto exchanges face shutdown in Hong Kong
Hong Kong’s financial regulator has issued a warning to cryptocurrency exchanges: obtain a license or shut down. The Securities and Futures Commission (SFC) said that all crypto trading platforms operating in the city must apply for a license by the end of the month. All exchanges that fail to do so will be shut down by May 31. The SFC’s ultimatum is part of a broader effort to bring cryptocurrency trading into the regulatory fold. Last June, Hong Kong opened up a licensing regime for crypto exchanges as part of the city’s plans to develop its market into a regional digital assets hub.