Hong Kong suspends applications for cryptocurrency exchange licenses

author: Nidhi Kolhapur

Nidhi is a certified digital marketing executive and passionate cryptocurrency journalist covering the world of alternative currencies. She shares the latest trending news about cryptocurrency and blockchain.

February 29, 2024 23:23

Hong Kong closed accepting applications for licenses from cryptocurrency exchanges as of February 29. Hong Kong’s Securities and Futures Commission (SFC) has pointed out and urged all cryptocurrency exchanges that do not comply with Hong Kong’s regulations to close down their business by May 31, 2024. Investors using virtual asset trading platforms will migrate to a licensed platform if they are not currently licensed already.

Once the license is granted, Bitcoin and Ethereum trading will be possible on cryptocurrency exchanges. Various altcoins and stablecoins are being reviewed by the SEC for trading approval.