11 Hong Kong Crypto Exchange Applicants Face Uncertainty After Inspections
The inspections revealed that some crypto firms are overly dependent on a limited number of executives for custody of customer funds.
11 Hong Kong cryptocurrency exchanges, which initially received provisional approvals, are now under increased regulatory scrutiny.
The city’s Securities and Futures Commission (SFC) conducted on-site inspections of these “deemed-to-be-licensed” platforms and found several practices that fell short of regulatory expectations, Bloomberg reported, citing sources familiar with the situation.
The inspections revealed that some crypto firms are overly dependent on a limited number of executives for the custody of client assets, raising concerns about their ability to manage these responsibilities effectively. $BTC #Laraxenteam #laraxen #LaraxenFamily
