The Securities and Futures Commission of Hong Kong (SFC) has issued warnings against seven cryptocurrency trading platforms for operating without proper licenses in the region. The SFC maintains a public record of registered, unregistered, and illegal crypto exchanges to mitigate risks of scams and fraud. The Alert List, which identifies exchanges without licenses or falsely claiming association with Hong Kong, recently added seven platforms. Since January 2020, the SFC has listed 39 entities, with 28 flagged in 2024 alone. The newly added exchanges, including Taurusemex and Bitones.org, are accused of fraudulent activities like blocking withdrawals and demanding fees. Hong Kong has been enforcing regulatory compliance in the crypto sector, requiring exchanges to apply for licenses or face closure. Despite initial applications, some exchanges withdrew just before the deadline. Additionally, Hong Kong is promoting itself as a tech hub for Canadian crypto startups, showcasing its offshore opportunities at a recent event in Toronto. Read more AI-generated news on: https://app.chaingpt.org/news