Wu Shuo learned that the Hong Kong Securities and Futures Commission publicly reprimanded Victory Securities, a licensed virtual asset broker in Hong Kong, and imposed a fine of HK$1.7 million (about $218k). The regulator also suspended the license of its responsible person, Zhao Ziliang, for 3 months. Regulatory investigations found that when Victory Securities handled a stock client, it failed to sufficiently check the client’s financial condition and whether the value of its holdings matched, failed to identify risk signals such as potentially submitting false documents, and did not report potential fraud by the client, violating regulatory requirements including client due diligence and anti-money laundering. Previously, in February this year, Victory Securities announced that it would shut down all virtual currency trading features for users holding Mainland China ID cards, keeping only the ability to withdraw, and no longer supporting deposits or new trades.