Unlicenced platforms are digital asset trading venues or service providers that operate without the necessary regulatory authorization from relevant government bodies. These platforms often lack consumer protections, anti-money laundering controls, and financial safeguards. They pose significant risks to users and market integrity.
Context
Unlicenced platforms are a persistent concern in crypto news, frequently associated with enforcement actions by regulators and investor losses. Jurisdictions globally are intensifying efforts to identify and shut down such operations to protect consumers and prevent illicit financial activities. The proliferation of these platforms highlights the ongoing challenge of regulatory compliance within the digital asset sector.
The SFC's hard deadline compels all non-compliant VASPs to cease Hong Kong operations by May 31st, solidifying the jurisdiction's regulated market structure.
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