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Hong Kong’s SFC imposes a heavy fine on Victory Securities of HK$1.7 million, suspending the licenses of relevant executives

MarsBitNews
Mars Finance news: According to the Hong Kong Securities and Futures Commission, Victory Securities Limited was reprimanded and fined 1.7 million yuan by the SFC for violating regulatory requirements, and the licenses of its responsible personnel were temporarily suspended. Previously reported, in February this year, Hong Kong Victory Securities announced it would shut down the virtual currency trading functionality for all users with mainland China identities, keeping only withdrawal permissions while no longer supporting deposits and new trading. The measures to gradually tighten services for users in mainland China, including earlier bans on purchases and suspending new address authentication, were intended to comply with the Hong Kong SFC’s regulatory requirements and relevant policies in mainland China.
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