The post Hong Kong’s SFC Finds Unsatisfactory Practices at Some Crypto Exchanges Seeking Full License appeared first on Coinpedia Fintech News
As per a Bloomberg report, after conducting on-site inspections, Hong Kong’s SFC has found ‘unsatisfactory practices’ at some of the cryptocurrency exchanges that are seeking a full license. The report cited that some of the crypto firms are overly reliant on a handful of executives to manage the custody of client assets, while others aren’t properly guarding against cybercrime risks. As many as 11 entities have applied for a full license with the SFC. The SFC may opt to remove their deemed-to-be-licensed status or refuse their license applications for platforms that are unable to fix the critical deficiencies identified during on-site inspections.
