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Hong Kong Securities and Futures Commission (SFC) and Police Join Forces to Combat Illegal Activities on Cryptocurrency Trading Platforms

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Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

The Hong Kong Securities and Futures Commission (SFC) Collaborates with Police to Combat Illegal Activities on Cryptocurrency Trading Platforms

The SFC, in response to the JPEX scandal, is taking significant measures to combat illegal activities in the cryptocurrency sector in Hong Kong. To achieve this, the SFC and the Hong Kong Police Force (HKPF) have formed a specialized mission force dedicated to monitoring and investigating illicit practices on virtual asset trading platforms (VATPs).

The mission force consists of experts from various divisions of the Hong Kong Police and SFC, including the Commercial Crime Bureau, Cybersecurity and Technology Crime Bureau, and Financial Intelligence and Investigations Bureau. By joining forces, they aim to effectively tackle illegal activities in the cryptocurrency industry.

Mission Force Objectives, Outlined

The specialized task force has set three main goals:

  • Facilitate the sharing of information regarding suspicious activities and violations related to VATPs.
  • Establish a framework to evaluate the risk associated with VATPs.
  • Promote coordination in ongoing and future investigations on cryptocurrency trading platforms.

The recent fraud case involving the cryptocurrency exchange JPEX served as a wake-up call for Hong Kong authorities. JPEX allegedly laundered 190 million TRC20-USDT tokens over the past 20 months. As a result, the Hong Kong police have arrested 11 individuals connected to the crime.

For more information on this topic:

– Hong Kong plans to report suspicious cryptocurrency platforms following the JPEX scandal.

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