Hong Kong Securities and Futures Commission (SFC): Binance is not allowed to provide services in Hong Kong

In February 2018, after Binance escaped from China and Japan to Hong Kong, the Hong Kong Securities and Futures Commission (SFC) issued a warning to Binance not to operate in the country without a license. Changpeng Zhao and Guangying Chen (Heina Chen) then decided to flee to Malta, where they too were kicked out - the complexities of running Binance's criminal business, given their desire to operate as an unregulated casino and engage in manipulation, fraud, financial scams.

The Hong Kong Securities and Futures Commission (SFC) issues a notice on July 16, 2021 "Warning on Unregulated Virtual Asset Platforms" where it clearly states:

The SFC wishes to clarify that not a single organization in the Binance group is licensed or registered to conduct "regulated activities" in Hong Kong.

SFC has received complaints from investors who have experienced difficulty withdrawing fiat currencies or virtual assets from their accounts opened on unregulated platforms. Investors are also reminded that if such platforms are not affiliated with Hong Kong, SFC may not have jurisdiction over them. In the event of a dispute, recourse is likely to be difficult and remedies may not be available.

Intermediaries are also reminded to comply with the SFC circular, which states that if they intend to provide any financial services in virtual assets, they should notify and discuss their plans with the SFC at an early stage to avoid adverse regulatory consequences.

Hong Kong became the eighth regulator to issue a warning to Binance for operating without the necessary license or ban from operating within the country/region. The agency recalled that a Binance violator could be criminally prosecuted.

The systematic work on the prohibition of Binance casino activities in the world is continuing, the third world countries - have not yet given their assessment of such activities, but the complaints and statements of ScamBinance sooner or later will yield their results.

17.07.21

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