Exchanges can no longer arbitrarily manipulate your assets! The latest major document released by the Hong Kong Securities and Futures Commission has placed a "tightening spell" on all licensed virtual asset trading platforms.
1. Core of the new regulations: your assets must be securely stored
The Hong Kong Securities and Futures Commission has explicitly required trading platforms to:
1. Cold wallet isolation: Most customer assets must be stored offline, making it difficult for hackers to steal
2. Real-time monitoring: 24/7 monitoring for abnormal transfers, immediately freeze suspicious operations
3. Clear responsibilities: platform executives will be directly responsible for asset security, and accountability will follow in case of incidents
What does this mean?
Behaviors like misappropriating customer assets like FTX will be severely punished
Exchanges must prove their innocence and undergo regular inspections
Instances of users having difficulty withdrawing assets or unjustified freezes will significantly decrease
2. What changes are relevant to you?
1. More secure asset storage:
Large exchanges must adopt bank-grade custody solutions
Small non-compliant exchanges will be directly eliminated
2. Smoother withdrawals:
Clearly stipulate processing time limits
Users must be promptly notified of abnormal situations
3. Compensation is guaranteed:
Must purchase sufficient insurance
In case of theft, users will be prioritized for compensation
3. A major reshuffle in the industry is coming
Positive news:
Compliant leading platforms (such as OSL, HashKey)
Professional custody institutions (such as Copper, Fireblocks)
Negative news:
Small exchanges still using "mixed wallets"
Platforms with weak risk control in the third tier
Remember:
"Regulation is not a restriction, but the best risk control."
"In the crypto world, security is 100 times more important than high returns."
I am a seagull, a veteran in the crypto world constantly tracking regulatory dynamics.
Want to know which exchanges are the first to meet the standards? Follow my in-depth evaluation updates.