A man was extorted 1 million Hong Kong dollars in cash by a foreign exchange shop for exchanging USDT offline. Currently, over 200 similar shops in Hong Kong are not licensed

Odaily Planet Daily News: A man sought to exchange HKD 1 million in cash for USDT at an offline OTC store in Hong Kong. The store eventually withdrew the cash but did not remit it to the victim. The law enforcement department has been notified. Hong Kong Legislative Council member Ng Kit chung stated that "this matter is rampant" and stated that there are currently over 200 virtual currency exchange shops in Hong Kong, all of which are unlicensed and not protected or regulated by any Hong Kong laws. Anyone can open a shop by obtaining a business registration. He urged the Hong Kong government to initiate relevant consultation and legislative procedures as soon as possible. (East Net)