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Hong Kong Exchanges Forced to Remove Some Tokens from Listing

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The Hong Kong SFC Commission, which controls the futures and securities market, said that seven exchanges trading cryptocurrencies should remove individual tokens from the platform. It is a question of coins, which by their characteristics can be defined as securities. Neither are the trading platforms themselves, nor the cryptocurrencies referred to are pointed in the official message. Yet it is clear that all exchanges are most likely located in the territory of Hong Kong. The SFC has explained this requirement by the need to protect investors from existing risks when trading cryptocurrencies.

The regulator said that at the moment almost all the notified exchanges sent confirmation of the absence of trading for the mentioned tokens on their platforms. It means that either these coins were not previously presented in the listing, or were withdrawn from it after receiving the SFC order. Simultaneously with the reference to the exchanges, requests were sent to the organizers of new ICO projects working with investors in Hong Kong. The regulator focused on startups, tokens of which can be considered securities. The SFC also paid special attention to the fact that they will not tolerate repeated violations of the legislative base with respect to the securities turnover, and will subsequently resort to appropriate measures.

 

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