SFC

Hong Kong's Securities and Futures Commission (SFC) has found "unsatisfactory practices" at several cryptocurrency exchanges seeking full licenses after conducting on-site inspections. The regulator warned that platforms failing to address critical issues could have their applications rejected or temporary licenses revoked. This development could hinder Hong Kong's ambitions to become a global crypto hub.

Bitcoin (BTC) and Ethereum (ETH) have experienced significant gains, with BTC rising by 2.8% to surpass $66,500 and ETH climbing to $3,240, fueled by reports suggesting the approval of spot crypto exchange-traded funds (ETFs) by multiple issuers in Hong Kong. Despite the absence of an official announcement from the Securities and Futures Commission (SFC), China Asset Management, Bosera Capital, and other applicants have claimed approval for listing spot bitcoin and ether ETFs on social media platform WeChat (Weixin).