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<ul><li>Hong Kong&#39;s SFC nears licensing 11 crypto exchanges, including Crypto.com and Bullish, under new stringent regulations.</li><li>Bybit exits Hong Kong market, halting services after withdrawing VASP license application due to stricter local regulations.</li><li>The state mandates all crypto exchanges to obtain licenses by May 2024, aiming for a secure and transparent trading environment.</li></ul>Hong Kong&#39;s Securities and Futures Commission (SFC) has announced that 11 cryptocurrency exchanges are on the verge of securing operational licenses. This significant dhttps://cryptotale.org/major-crypto-exchanges-near-licenses-as-hong-kong-tightens-regulations/evelopment, <a href="https://www.bloomberg.com/news/articles/2024-06-01/hong-kong-says-11-crypto-exchanges-are-closer-to-getting-permits" rel="noopener noreferrer nofollow">reported</a> by Bloomberg, and revealed on the SFC&#39;s website on Saturday, includes major players like Crypto.com and Bullish, both known for their substantial global trading volumes.Hong Kong’s journey toward becoming a leading crypto hub took a turn in February 2024, when the <a href="https://www.sfc.hk/en/" rel="noopener noreferrer nofollow">SFC</a> introduced stringent regulations for the industry. These new rules mandated that all crypto exchanges wishing to operate within the region must obtain official licenses, or face shutdown. The grace period for compliance ended in <a href="https://cryptotale.org/major-crypto-exchanges-withdraw-from-hong-kong-over-regulatory-hurdles/" rel="noopener noreferrer nofollow">May 2024</a>, proving a new era of heightened regulatory oversight designed to bring increased security and transparency to the digital asset market.The regulatory clampdown has had immediate repercussions for unlicensed exchanges. By May 31, 2024, any exchange without the necessary licensing was required to halt operations.<a href="https://cryptotale.org/ex-ceo-of-binance-cz-begins-his-four-month-prison-life-in-california/" rel="noopener noreferrer nofollow">Read more on CryptoTale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Major Crypto Exchanges Near Licenses as Hong Kong Tightens Regulations

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