Hong Kong SFC says Binance is Not Authorized to Offer Services

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Hong Kong SFC has become the latest regulator to issue a warning against Binance. The regulatory watchdog said Binance Group of companies are not licensed or authorized to offer any kind of services in Hongkong.

Hong Kong became the eighth regulator to issue a warning against Binance for operating without the necessary license. Only a couple of days back, Italy’s top regulator CONSOB issued a similar warning against the world’s largest crypto exchange as its regulatory troubles continue to mount each day.

Until now Japan, Canada, Hong Kong, Italy, Cayman Islands, Thailand, UK, and Singapore have all warned Binance of operating without a license. The regulatory crackdown on the world’s top crypto exchange has intensified over the past month and now threatens to curtail its rapid expansion. While regulatory and compliance warnings are nothing new for Binance as it operates in so many countries with very different sets of rules and regulations.

The government crackdown on crypto businesses especially crypto exchanges has intensified fearing money laundering practices.

 

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