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Hong Kong government willing to cooperate with regulators to crack down on unlicensed crypto exchanges

Hong Kong Chief Executive John Lee has stated that the government will cooperate with regulators if they require more power to crack down on unlicensed crypto exchanges. This comes after an investigation into Hounax, an unlicensed virtual-asset trading platform that reportedly defrauded people of millions of dollars. Lee believes that government supervision is necessary to protect investors and prevent unlicensed platforms. The Securities and Futures Commission (SFC) has published a list of licensed virtual-asset trading platforms to aid investors in choosing a safe platform, but they do not have the power to close unlicensed crypto exchanges.

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