๐จ HONG KONG REGULATOR SOUNDS THE ALARM ON UNLICENSED CRYPTO PLATFORMS ๐จ
This is not FUD โ this is enforcement. โ๏ธ๐ฅ
Hong Kongโs market watchdog, the Securities and Futures Commission (SFC), has issued a public warning urging investors to stay alert after discovering multiple crypto platforms operating without approval.
๐ WHOโS BEEN FLAGGED?
The SFC added the following entities and related websites to its official Alert List ๐
โ Globiance X Limited
โ Globiance HK Limited
โ CoinCola
๐ These firms reportedly claim to offer virtual asset trading services in Hong Kong โ without holding the required SFC licenses.
โ ๏ธ WHY THIS MATTERS?
Under Hong Kong law, crypto trading platforms must comply with strict rules covering:
๐ Custody of client assets
๐ Risk management & controls
๐ก๏ธ Investor protection
Unlicensed platforms = no supervision, no safeguards.
๐ฉ INVESTOR COMPLAINTS RAISE RED FLAGS
The SFC revealed that some users reported:
โณ Withdrawal delays
๐ง Potential liquidity or operational issues
Translation?
If something goes wrong, investors may have little to zero protection โ and could lose everything.
๐ THE BIGGER SIGNAL
Hong Kong is tightening crypto oversight, not loosening it.
โ๏ธ Licensed platforms = allowed
โ Unlicensed operators = publicly named & warned
Once a platform appears on the SFC Alert List ๐ investors are strongly advised to avoid it and reconsider any exposure.
๐ง FINAL TAKE
A slick website or big online presence โ regulatory approval.
In crypto, jurisdiction matters โ and enforcement is accelerating.
๐ Always verify a platformโs license before depositing funds.
๐ฃ Expect more public warnings as regulators crack down on unapproved activity.
๐ฌ Question for you:
Do you think public naming is enough โ or should penalties be harsher for unlicensed crypto platforms? ๐#Cryptolaw
