Binance is not authorized to operate in Hong Kong – SFC

Hong Kong has joined the list of nations calling for regulatory actions against the activities of Binance. Countries like Japan, UK, Thailand and Singapore amongst others have also issued warnings to the exchange.

The world's largest cryptocurrency exchange Binance is having a tough time with issues of regulation springing forth against it all over the world.

The Securities and Futures Commission of Hong Kong (SFC) is the latest authority to issue a warning against Binance.

The Binance Group of firms are neither regulated or authorized to perform any kind of service in Hong Kong, according to the regulatory watchdog.

HONG KONG'S SFC SAYS NO ENTITY IN THE BINANCE GROUP IS LICENSED OR REGISTERED TO CONDUCT “REGULATED ACTIVITY” IN HONG KONG

— *Walter Bloomberg (@DeItaone) July 16, 2021

Hong Kong has become the ninth regulator to issue a warning to Binance for operating without a license.

Japan, Thailand, Caymans Island, UK, Singapore, Poland, and more recently Italy's top regulator, CONSOB, issued a similar warning against the world's largest cryptocurrency exchange, as its regulatory woes grow by the day.

Although the CEO of Binance, Changpeng Zhao has said, “compliance is a journey” and these issues of regulations are only proof that the business is growing.