The Securities and Futures Commission (SFC) of Hong Kong has teamed up with the Hong Kong Police Force (HKPF) to form a working group that aims to combat illegal activities on virtual asset trading platforms (VATPs). The group is composed of representatives from the SFC’s Enforcement Division and Intermediaries Division and HKPF’s Commercial Crime Bureau, Cyber Security and Technology Crime Bureau and Financial Intelligence and Investigations Bureau. The working group will facilitate the sharing of information on suspicious activities and violations of crypto exchanges, evaluate risks posed by suspicious digital asset platforms and improve coordination and collaboration between the regulator and the police in related investigations. Christopher Wilson, executive director of Enforcement at the SFC, said that the SFC values its working relationship with the Police and looks forward to an even closer collaboration in protecting the interests of investors. The development comes amid a slew of breaches committed by crypto exchanges. Last month, the chief executive of Istanbul-based crypto exchange Thodex was sentenced to over 11,000 years in prison for stealing $2 billion worth of crypto assets from the platform’s customers. Former crypto golden boy Sam Bankman-Fried is also currently facing charges for using customer funds of the FTX exchange.

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Information	Details
Geography	Asia
Countries	🇭🇰 🇹🇷
Sentiment	positive
Relevance Score	8
People	Christopher Wilson, Sam Bankman-Fried
Companies	Securities and Futures Commission (SFC), Thodex, FTX Exchange, Hong Kong Police Force (HKPF), None
Currencies	thodex, Ethereum, Bitcoin, FintruX
Securities	None