Hong Kong SFC Fines Victory Securities HK$1.7 Million, Suspends Licenses of Responsible Persons

TechFlow news, on July 24, according to the Hong Kong SFC, Victory Securities Company Limited was censured and fined HK$1.7 million by the SFC for violating regulatory requirements, and the licenses of its Responsible Officers were temporarily revoked.

As previously reported, Hong Kong Victory Securities announced in February this year that it would close virtual currency trading functions for all users with Mainland China identities, retaining only withdrawal permissions and no longer supporting deposits and new transactions. This is a continuation of measures gradually tightening services for Mainland users on its platform, including previously prohibiting buying and suspending new address authentication, aimed at complying with Hong Kong SFC regulatory requirements and relevant Mainland policies.