A man was extorted for 1 million HKD in cash after exchanging USDT offline, and currently there are over 200 similar shops in Hong Kong without a license.

ChainCatcher

2025-04-25 10:14:12

ChainCatcher news, a man sought to exchange 1 million HKD cash for USDT at an offline OTC store in Hong Kong. Ultimately, the store took the cash but did not remit the funds to the individual, and law enforcement has been notified. Hong Kong Legislative Council member Ng Kit Cheung stated that “this matter is rampant” and mentioned that there are currently over 200 such virtual money exchange stores in Hong Kong, all of which operate without licenses and are not protected or regulated by any Hong Kong laws. Anyone can open a store simply by obtaining a business registration. He urged the Hong Kong government to expedite relevant consultations and legislative procedures.

Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to Disclaimer.

Comment

0/400

No comments