Hong Kong SFC Flags Unlicensed Crypto Trading Platforms

The Hong Kong Securities and Futures Commission added Globiance X Limited and Globiance HK Limited to its suspicious virtual asset trading platforms list on December 24, citing unlicensed activities.

This action underscores regulatory scrutiny in cryptocurrency, potentially affecting investor confidence. Reports of asset withdrawal issues heighten concerns about the security of unregulated platforms.

Hong Kong SFC Targets Unlicensed Platforms amid Investor Fears

The SFC formally announced that “Globiance X Limited” and “Globiance HK Limited” have been placed on its list of suspicious virtual asset trading platforms. These entities, linked to the website globiance.com, have allegedly promoted and operated trading platforms without the necessary licenses. Some investors have faced difficulties in withdrawing their assets, adding to the platforms’ questionable image.

Regulatory actions taken by the SFC reflect a focused effort to ensure that virtual asset trading in Hong Kong adheres to legal and ethical standards. Such announcements aim to protect investors from potential fraud and financial loss associated with unlicensed platforms. The alert from the SFC advises investors to avoid offers from any unlicensed virtual asset trading operator, underscoring the regulatory body’s proactive stance.

The market’s reaction has been mixed, with some sectors expressing approval of the SFC’s vigilance. However, concerns about further regulatory tightening and its potential impact on blockchain innovation persist. Notably, there have been no public statements from industry leaders or key opinion leaders in response to this development.

Market Reactions and Historical Precedents in Crypto Regulation

Did you know? The Hong Kong SFC’s recent addition of Globiance X to its suspicious list parallels past actions, such as the listing of CoinCola on December 24, 2025, signaling consistent regulatory scrutiny of the virtual asset sector.

Bitcoin (BTC) currently trades at $87,426.77, with a market cap of $1.75 trillion, as per CoinMarketCap data. The market dominance is at 59.14%, and the 24-hour trading volume fell by 33.22% to $28.46 billion. BTC experienced a 0.41% price decline in the last 24 hours, though it showed a 2.10% increase over the past week.

“The regulatory move by the Hong Kong SFC can lead to heightened scrutiny of virtual asset platforms, potentially impacting investment flows and technological innovation,” according to the Coincu research team.