Your Own Liberty - Investing and Stock News
  • Investing
  • Stock
  • Latest News
  • Editor’s Pick
  • Economy
  • Investing
  • Stock
  • Latest News
  • Editor’s Pick
  • Economy
No Result
View All Result
Your Own Liberty - Investing and Stock News
No Result
View All Result
Home Investing

Matrixport Files Virtual Asset Trading License Application with Hong Kong SFC

by
February 28, 2024
in Investing
0
Matrixport Files Virtual Asset Trading License Application with Hong Kong SFC

Matrixport applied for a virtual asset trading license with Hong Kong’s securities regulator on Feb. 26.

A roster published on the Securities and Futures Commission website showed that the platform’s Hong Kong-based branch is called Flying Hippo Technologies.

At present, 21 companies have applied for a VA trading license in Hong Kong. Among them are Crypto.com, Bixin, HKVAX, DFX Labs, Bullish, WhaleFin. HTX (previously Huobi Global), resubmitted its application after initially withdrawing on Feb. 23. Additionally, two other firms, AMMBR and BitHarbour, had withdrawn their applications earlier.

Currently, only two platforms—OSL Digital Securities and Hash Blockchain—have been licensed by the SFC.

Matrixport’s filing comes as the deadline nears for Hong Kong-based VA trading platforms to file applications for a license. Failure to submit by Feb. 29 will result in mandatory cessation of operations by the end of May.

Earlier this year, Matrixport accurately predicted that Bitcoin would reach $50,000 following the SEC’s approval of Bitcoin Spot ETFs. As of early Wednesday, the crypto traded at about $57,062.

Unlicensed Crypto Exchanges in Hong Kong Face Legal Action


Last year, Hong Kong’s SFC introduced stricter regulations for digital asset firms. This included a licensing system for cryptocurrencies, which came into effect in June. This advancement enabled retail cryptocurrency trading after a difficult period for the industry, marked by the collapse of the FTX crypto exchange.

Not applying for a license could lead to fines and possible imprisonment. Additionally, unlicensed crypto exchanges might encounter criminal charges for actively promoting services through influencers and over-the-counter virtual asset money changers. Crypto exchange JPEX serves as an illustration of this.

Committing fraudulent or deceptive acts with virtual assets is deemed a violation under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). Breaches of the AMLO can result in substantial penalties, including fines of up to $10,000,000 and imprisonment for a maximum of 10 years upon conviction.

SFC Urges Investors to Verify Platforms


In December, the SFC SFC issued a public caution regarding possible virtual asset scams associated with entities named “HongKongDAO” and BitCuped. The regulator suspected these entities of distributing inaccurate and deceptive information via online platforms.

Separately, the regulator advised crypto investors to only use licensed platforms and to verify the legitimacy of the exchanges they register with.

“Investors should check the regulatory status of a VATP from time to time and in any event on 1 March 2024,” the SFC said.

The post Matrixport Files Virtual Asset Trading License Application with Hong Kong SFC appeared first on Cryptonews.

Previous Post

Humanity Protocol Secures Funding From Top Crypto VCs for Web3 ID Solution

Next Post

SBF Requests 63-78 Month Sentence in FTX Fraud, Citing Lack of Criminal History, Young Age

Next Post
SBF Requests 63-78 Month Sentence in FTX Fraud, Citing Lack of Criminal History, Young Age

SBF Requests 63-78 Month Sentence in FTX Fraud, Citing Lack of Criminal History, Young Age

Enter Your Information Below To Receive Trading Ideas and Latest News

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    Popular News

    Fetterman calls for US to supply anything Israel needs for Iran attack: ‘Military, intelligence, weaponry’

    Fetterman calls for US to supply anything Israel needs for Iran attack: ‘Military, intelligence, weaponry’

    June 13, 2025
    Italian teenager Carlo Acutis to become first millennial saint on September 7

    Italian teenager Carlo Acutis to become first millennial saint on September 7

    June 13, 2025
    Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

    Shein and Temu see U.S. demand plunge as loophole for cheap goods closes

    June 12, 2025

    About Proud For Profits

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Main Categories

    • Investing
    • Stock
    • Latest News
    • Editor’s Pick
    • Economy

    Latest News

    • Fetterman calls for US to supply anything Israel needs for Iran attack: ‘Military, intelligence, weaponry’
    • Italian teenager Carlo Acutis to become first millennial saint on September 7
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 yourownliberty.com | All Rights Reserved

    No Result
    View All Result
    • Investing
    • Stock
    • Latest News
    • Editor’s Pick
    • Economy

    Copyright © 2025 yourownliberty.com | All Rights Reserved