Monday, November 29, 2021
HomeBitcoin NewsWhales Moving Millions in Bitcoin as Hong Kong Regulator Makes Move

Whales Moving Millions in Bitcoin as Hong Kong Regulator Makes Move

The world of crypto has received an unwelcome jolt after the Hong Kong financial securities regulator announced – somewhat abruptly – that all crypto exchanges will need to register with the body if they wish to continue trading.

Per Reuters, the head of the Securities and Futures Commission (SFC) will end its “opt-in” regulatory framework for crypto exchanges, bringing all trading platforms in Hong Kong under the control of the SFC – no matter if they trade securities or not.

The regulator is yet to explain if its move will see it impose stricter regulations on the Hong Kong crypto industry, which has been allowed to grow pretty much unchecked into one of the world’s largest crypto trading hubs.

In November last year, the SFC announced that exchanges can apply to be regulated by this Commission.

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