🕵️‍♂️ Hong Kong's Securities and Futures Commission (SFC) is playing detective, conducting on-site inspections of virtual asset trading platforms (VATPs) still in the licensing process. Post-June 1, operating without a license is a big no-no, and the SFC is on the prowl! 🚔

The focus? Ensuring firms are safeguarding client assets and undertaking KYC processes. SFC's advice to investors? Stick to licensed platforms for crypto trading.

Meanwhile, 11 crypto companies, including OKX and Huobi's local arm, have withdrawn their applications. Only two companies, OSL Digital Securities Limited and Hash Blockchain Limited, have been granted a license.

Got thoughts on this crypto crackdown? Share below! 👇 #CryptoNews #HongKongRegulations