The Hong Kong Securities and Futures Commission (SFC) has intensified its regulatory framework, demanding that all virtual asset trading platforms acquire licenses to operate. Unregistered exchanges are directed to cease operations by May 31, 2024, after the February 29 application deadline. Currently, only HashKey and OSL hold licenses, with 20 more exchanges, including subsidiaries of major players like OKX and Binance, awaiting approval. The move aims to safeguard investors and streamline the local crypto market landscape.
