Fun

News Feed - 2023-11-28 12:11:23

Zhiyuan Sun8 hours agoCrypto exchange grace period to remain unchanged in Hong Kong despite scandalsThe recent JPEX and Hounax exchange scandals have resulted in losses exceeding $100 million.2724 Total views16 Total sharesListen to article 0:00NewsJoin us on social networksA one-year grace period for cryptocurrency exchanges operating in Hong Kong will remain in place despite recent scandals.


According to local news reports on Nov. 27, Julia Leung, CEO of Hong Kong’s Securities and Futures Commission, stated, “Even if the grace period ends tomorrow, fraud will still occur, so there is no intention to modify the grace period and other measures for the time being.” 


According to new regulations introduced in June, crypto exchanges operating in Hong Kong must apply for a virtual asset service provider (VASP) license with the city’s Securities and Futures Commission by June 2024 or face deregistration. However, unregistered exchanges can operate in the city during the interim transition period. 


Several crypto scandals have rocked the special administrative region recently. In September, Hong Kong crypto exchange JPEX, which was unlicensed at the time, collapsed after allegations of a Ponzi scheme led to 66 arrests and an estimated 1.6 billion Hong Kong dollars ($205 million) in losses. 


On Nov. 25, Hounax, another unlicensed crypto exchange, reportedly scammed 131 residents out of 120 million HKD ($15.4 million) through yet another alleged Ponzi scheme. Chan Waikei, superintendent of the Hong Kong Police’s Commercial Crime Bureau, explained that scammers impersonated investment experts and solicited users with the promise of high returns. When users later tried to withdraw the funds, they could not do so. 


On Nov. 27, Cointelegraph reported that the Binance-linked HKVAEX exchange is still trying to apply for a license in Hong Kong. Earlier this month, BC Technology Group, owner of Hong Kong crypto exchange OSL, secured a $90 million investment from blockchain firm BGX. 


Related: Binance-linked HKVAEX still preparing to apply for license in Hong Kong# Blockchain# Cryptocurrencies# Hong Kong# BusinessAdd reactionAdd reactionRead moreMainstream approval critical for blockchain games — Gaming execsThe ‘WAGMI’ mentality is undermining cryptoVisa completes digital Hong Kong dollar pilot test with local banks

News Feed

Bitmain Reveals New Liquid-Cooled ASIC Mining Rig With 255 TH/s of Computing Power
Bitmain Reveals New Liquid-Cooled ASIC Mining Rig With 255 TH/s of Computing Power Leading ASIC mining device manufacturer Bitmain has revealed a new bitcoin miner that’s ev
Author Insists Current Gold Price Cheaper Now Than in 1980
Author Insists Current Gold Price Cheaper Now Than in 1980 While gold is generally perceived to be the best hedge against inflation, a report written by author Kelsey Williams has
‘FTX Accounts Drainer’ Now Holds Over 250,000 ETH, Address Is the 27th Largest Ethereum Wallet
"FTX Accounts Drainer" Now Holds Over 250,000 ETH, Address Is the 27th Largest Ethereum Wallet The exploiter responsible for siphoning millions of dollars in ERC20 tokens and ether
Latam Giant Mercado Libre Launches Mercadocoin in Brazil
Latam Giant Mercado Libre Launches Mercadocoin in Brazil Mercado Libre, a leading Latam-based e-tailer, has announced the launch of its own token, called “Mercadocoin,ȁ
FBI Arrests 2 Men Planning ‘Violent’ Robbery of Bitcoin Worth Millions of Dollars — They Face 20 Years in Prison
FBI Arrests 2 Men Planning "Violent" Robbery of Bitcoin Worth Millions of Dollars — They Face 20 Years in Prison The Federal Bureau of Investigation (FBI) has arrested two men wh
Bitcoin Under Threat? Analyst Explores Two Bearish Black Swan Scenarios to Watch
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitget Launches Major Campaign With Messi to Reignite Confidence in the Crypto Market
Bitget Launches Major Campaign With Messi to Reignite Confidence in the Crypto Market press release PRESS RELEASE. Seychelles, Nov 26, 2022 – Leading global cryptocurrency ex
Darknet Giant White House Market Drops Bitcoin, Supports Monero Payments Only
Darknet Giant White House Market Drops Bitcoin, Supports Monero Payments Only The prominent darknet marketplace, White House Market, has dropped bitcoin payments
Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,900 as Markets React to Weakening Chinese Economy
Bitcoin, Ethereum Technical Analysis: ETH Falls Below $1,900 as Markets React to Weakening Chinese Economy Ethereum fell below $1,900 earlier today, as crypto markets continued to
Biggest Movers: XMR, LEO Move Towards 1-Week Highs on Thursday
Biggest Movers: XMR, LEO Move Towards 1-Week Highs on Thursday Unus sed leo was a notable gainer on Thursday, as the token surged towards a one-week high. The move comes as crypto
Amaka Nwaokocha35 minutes agoRipple’s James Wallis underscores CBDCs’ role in breaking financial barriersWallis clarifies that financial inclusion aims to extend financial services to individuals worldwide, especiall
Singapore Startup Affyn Raised More Than US$7 Million, Presale to Start in December 2021
Singapore Startup Affyn Raised More Than US$7 Million, Presale to Start in December 2021 press release PRESS RELEASE. Affyn’s private round was oversubscribed within a week o