⛔️Hong Kong🇭🇰: The Regulator Shuts Down Cryptocurrency Companies Successively

⛔️Hong Kong🇭🇰: The Regulator Shuts Down Cryptocurrency Companies Successively

For instance, Worldcoin has been ordered to cease operations due to privacy concerns and the exchange Gate.HK has been shut down for failing to meet licensing requirements.

➡️ The cryptocurrency wallet Worldcoin has been ordered to stop scanning and collecting iris and facial images... Similar issues arose for the company six months ago in Argentina.

➡️ In order to gather the necessary evidence, the supervisory body conducted 6 surprise inspections at Worldcoin's offices in Hong Kong between December 2023 and January 2024. Consequently, the regulator determined that Worldcoin's operations were in violation of data protection laws.

➡️ Under a special mandate from the "Securities and Futures Commission" (HKSFC), starting from June 1, all cryptocurrency exchanges in Hong Kong must obtain an operating license. Platforms that did not apply for the license had to close by May 31... Among them is Gate.HK. All its tokens have already been delisted.

➡️ Customers are no longer able to make deposits. Nevertheless, they were granted permission to withdraw funds until August 28. Acquisition of new customers is currently prohibited.

➡️ The Gate.HK cryptocurrency exchange intends to resume services once it completes the process of rebuilding the trading platform in accordance with Hong Kong's regulatory requirements.

#news #Asia #crypto

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