CoinRank

A man was blackmailed for HK$1 million in cash by a money exchange shop when he exchanged USDT offline. Currently, more than 200 similar shops in Hong Kong are not licensed.

2025-04-25 15:08:50 8 hours ago CoinRank

CONTENT

CoinRank News: A man sought to exchange HK$1 million in cash for USDT at an offline OTC store in Hong Kong. In the end, the store took the cash but did not remit it to the victim. The law enforcement department has been notified. Hong Kong Legislative Council member Wu Jiezhuang said that this matter is rampant and said that there are currently more than 200 such virtual currency exchange stores in Hong Kong, all of which are unlicensed and not protected or regulated by any Hong Kong laws. Anyone can open a store by obtaining a business registration. He urged the Hong Kong government to start relevant consultation and legislative procedures as soon as possible. (East Net)

Original Article Link

WRITER’S INTRO

CoinRank Exclusive brings together primary sources from various fields to provide readers with the most timely and in-depth analysis and coverage. Whether it's blockchain, cryptocurrency, finance, or technology industries, readers can access the most exclusive and comprehensive knowledge.

A man was blackmailed for HK$1 million in cash by a money exchange shop when he exchanged USDT offline. Currently, more than 200 similar shops in Hong Kong are not licensed.

Nasdaq advises SEC: Clear classification of crypto assets is key to future regulation

USTR: Negotiating alternatives to reciprocal trade

CZ: I am glad to see Kraken listing BNB. The intensified competition in CEX is good for BNB

ZKsync: We are working with the Security Committee to gradually convert the recovered ETH into ZK tokens

Gitcoin announces closure of Grants Lab, its main software development division, due to lack of sustainable profit model