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Hong Kong Shuts Down Your Grandma’s Garage Crypto Operation Because She Refused to Pay the $100 Licensing Fee

Crypto NewsHackNews 1 Linda Williams August 22, 2024

An illustration of a grandmother's garage with an old computer on a table next to a sign that says "Crypto Operation" while being surrounded by police tape; there are also some cryptocurrency symbols scattered around the floor in front of it; outside is written "$100 Licensing Fee". The background shows Hong Kong cityscape. In the foreground, two officers from the SFC stand with their arms crossed looking at each other and shaking their heads as they look back at the garage operation. A small dog runs out of the garage while a cat looks down from an upstairs window;

The eternal struggle between regulators trying to bring some semblance of order to the Wild West that is cryptocurrency trading continues! It’s like they say: you can’t make an omelette without breaking a few eggs… or in this case, shutting down several crypto exchanges for being utter lawbreakers.

Source: cointelegraph

Hong Kong targets noncompliant crypto exchanges in licensing push
https://cointelegraph.com/news/hong-kong-crypto-exchanges-license-scrutiny
A Hong Kong regulator has expressed dissatisfaction with ongoing inspections of cryptocurrency exchanges waiting to be fully licensed in the region. Some applicants received initial approvals from the city’s regulator but are yet to be fully licensed, subject to total compliance with SFC’s requirements.  During on-site scrutiny, the Hong Kong Securities and Futures Commission (SFC) found that a few crypto exchanges that are “deemed to be licensed” are not managing […]

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Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

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About the author

Linda Williams

Linda’s venture into cryptocurrency ended in a gut-wrenching disaster when she lost her private keys due to a ridiculous mishap involving coffee and a particularly reckless cat. With her funds locked away forever, Linda now pours her frustration into writing biting critiques of crypto’s absurdities, dripping with sarcasm. Her tagline? “I lost my private keys and my sanity. Crypto promised freedom, but all it gave me was a lifetime of regret.”

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Disclaimer

The content presented on this site is intended solely for entertainment purposes and should not be taken as factual or reliable information. This site employs satire and humor to discuss global news, current events, finance, and cryptocurrency. The views expressed here are not meant to be taken seriously and do not represent the opinions of any individuals, organizations, or entities discussed.

Please be aware that the content may be exaggerated, fictionalized, or otherwise altered to create a comedic effect. It is not intended to provide financial advice, make accurate predictions, or offer any serious commentary on current events or financial markets.

Readers are encouraged to verify any claims or statements with credible sources and should not make any decisions based on the information provided here. This blog is not responsible for any actions taken based on its content. Always consult a qualified professional before making any financial or investment decisions.

Please do not hesitate to contact us if you have any questions or concerns.

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