Hong Kong accepts crypto license application past deadline

Hong Kong’s central bank said that it’s illegal for unlicensed companies to represent themselves as banks in Hong Kong. 

Crypto-asset service providers that carry out transfers must choose a screening system that allows them to comply with the EU’s restrictive measures regimes.

Due to the alleged KYC violations, Upbit reportedly faces fines of $71,500 per case in addition to possible issues with its business license renewal.