Wu said that according to Bloomberg, Hong Kong faces challenges in promoting the development of a digital asset center, and it is still uncertain whether all 11 cryptocurrency exchanges that have received preliminary approval will be able to obtain formal licenses. People familiar with the matter revealed that since these platforms obtained "deemed licensed" qualifications in June, the Hong Kong Securities and Futures Commission (SFC) has found unsatisfactory practices in some platforms during on-site inspections. Some cryptocurrency companies rely too much on a few executives to manage the custody of customer assets, while others fail to properly prevent cybercrime risks. It is not clear which companies have failed to meet the SFC's requirements. The inspection is still ongoing and the results may change. The 11 exchanges deemed to be licensed include Crypto.com, Bullish, HKbitEX, PantherTrade, Accumulus, DFX Labs, Bixin.com, EX.IO, YAX, WhaleFin and Matrixport HK.