According to the SCMP, four other companies have applied for licenses – HKVAX, HKBitEx, Hong Kong BGE Limited, and Victory Fintech Company Limited – but these are relatively small and unknown. Many major crypto exchanges have not signaled their intent to become licensed in Hong Kong.
Chinese Police Arrest Six People for Illegal Crypto-Based Currency Operation: Report
The operation used domestic accounts to receive and transfer funds while exploiting the anonymous, borderless characteristics of over-the-counter virtual currency...