A man was blackmailed for HK$1 million in cash by a money exchange shop when he exchanged USDT offline. Currently, more than 200 similar shops in Hong Kong are not licensed.

Odaily News A man sought to exchange HK$1 million in cash for USDT at an offline OTC store in Hong Kong. In the end, the store took the cash but did not remit it to the victim. The law enforcement department has been notified. Hong Kong Legislative Council member Wu Jiezhuang said that "this matter is rampant" and said that there are currently more than 200 such virtual currency exchange stores in Hong Kong, all of which are unlicensed and not protected or regulated by any Hong Kong laws. Anyone can open a store by obtaining a business registration. He urged the Hong Kong government to start relevant consultation and legislative procedures as soon as possible. (East Net)