Hong Kong regulator: Will crackdown on crypto exchanges for rule violations

Headlines crossed the wires, via Reuters, from Hong Kong regulator, the Securities and Futures Commission (SFC), citing that it would crack down on cryptocurrency exchanges that operate in the Asian financial hub without a license or violate local securities laws.

SFC’s Chief Executive Officer Ashley Alder noted: “We will continue to police the market and enforce when necessary. But we are also urging market professionals to do proper gatekeeping to prevent frauds or dubious fundraising and to assist us in ensuring compliance with the law.”