Hong Kong Gearing up to Approve More Cryptocurrency Exchange Licenses by Year End: SFC
Recently, a report in August revealed that the regulator had discovered concerning practices at certain cryptocurrency exchanges. The report highlighted that “some of the crypto firms are overly reliant on a handful of executives to oversee the custody of client assets, while others aren’t properly guarding against cybercrime risks.”
This news has raised alarms within the cryptocurrency industry, as proper security measures are crucial in safeguarding client assets from potential cyber threats. The reliance on a small number of individuals to manage assets poses a significant risk, as it increases the vulnerability of exchange platforms to security breaches.
It is essential for cryptocurrency exchanges to prioritize cybersecurity and implement robust measures to protect client funds. By addressing these issues and enhancing security protocols, exchanges can build trust with their users and ensure the safety of their assets.
