Hong Kong SFC conducts on-site inspections of cryptocurrency platforms as it cracks down on unlicensed VATPs

The Hong Kong Securities and Futures Commission (SFC) plans to conduct on-site inspections of local virtual asset trading platforms (VATPs).
On the 28th (local time), the SFC announced through an official announcement that after the deadline for licensing virtual asset trading platforms on June 1st,
The SFC said it will conduct on-site inspections of local platforms that have not yet completed their regulatory applications. The SFC's move is intended to force cryptocurrency companies to obtain licenses before the deadline.
The SFC reminds investors that they have a duty to "transact only with virtual asset platforms licensed by the SFC."
"You should check whether the platform has received a formal license from the 'Licensed Virtual Asset Trading Platform Catalog' on the SFC website."
After the deadline, operating an unlicensed virtual asset trading platform in Hong Kong will no longer be considered a criminal offence.
The SFC said, "We will be conducting on-site inspections over the next few months to ensure compliance with regulatory requirements, with a particular focus on protecting customer assets and Know Your Customer (KYC) procedures."
"It's ok."