A bizarre experience exchanging virtual currency offline in Hong Kong!
According to Crypto.News, on April 27, as reported by the web3 Radar public account, Mr. Luo was instructed by his superior to bring 1 million Hong Kong dollars in cash to the "OTC exchange store" located at Room 18, 27th Floor, 1 Hung To Road, Kwun Tong on April 17. The store's appearance was no different from a regular mobile phone parts shop, and Mr. Luo did not notice anything unusual, so he proceeded to conduct a transaction with a woman inside the store.
During the transaction, Mr. Luo recorded the serial numbers of the banknotes and filmed a video, trying to ensure the safety of the transaction. As a result, the USDT transfer was delayed in arriving, but the cash was forcibly taken away.
Half an hour later, Mr. Luo's superior still had not received the USDT, but the other party insisted that "the transfer was completed." Mr. Luo immediately called the police, but the other party was arrogant, claiming "not to fear law enforcement," and forcibly took away the cash under the encirclement of several people.
Hong Kong Legislative Council member Wu Jiezhuang expressed shock at this incident and pointed out: There are currently over 200 unlicensed virtual currency exchange stores in Hong Kong that can operate with just a business registration, without any oversight of financial regulations. These stores often attract customers with "favorable exchange rates and quick procedures," but provide no financial guarantees and may even be involved in money laundering or fraud. In this case, the store only "pretended" to conduct identity verification, with no actual compliance process.
He urged: Citizens should not patronize unlicensed OTC physical stores and should choose licensed exchanges. The government should expedite legislation to regulate the virtual currency over-the-counter (OTC) market.
