According to official news from Odaily, the Hong Kong Securities and Futures Commission (SFC) stated that according to the transitional arrangement, virtual asset trading platforms operating in Hong Kong that do not submit a license application to the SFC on or before February 29, 2024 will have to apply for a license in May 2024. It will cease its operations in Hong Kong on or before 31 March. Investors should check the regulatory status of their virtual asset trading platforms and should make preparations before May 31, 2024, such as ending their presence on the List of Licensed Virtual Asset Trading Platforms or the List of Applicants for Virtual Asset Trading Platforms Account on a virtual asset trading platform, or transfer to a virtual asset trading platform licensed by the China Securities Regulatory Commission to buy and sell virtual assets. Applications submitted by applicants on the Virtual Asset Trading Platform Applicant List are still being processed, and it is unknown whether they will be approved. Therefore, there are risks in trading on these platforms. The SFC strongly urges investors to only trade virtual assets on virtual asset trading platforms licensed by the SFC, as they may not be protected if they trade on unlicensed platforms.