• Hong Kong legal professional Gilbert Ng shared some perception into the impression of the SEC’s actions on Hong Kong.
• The lawyer argued that SEC laws on Binance would stop it from increasing its enterprise in Hong Kong.
• Ng additionally argued that the SEC’s strategy to Binance is totally different from its stance on Tether.

Hong Kong authorized adviser Gilbert Ng argued that the Securities and Trade Fee (SEC) is taking a unique strategy to Binance in comparison with its leaning in the direction of Tether (USDT). The lawyer added that the SEC’s cussed withdrawal from the US in opposition to Binance would have a damaging impression on Binance’s license functions elsewhere, together with Hong Kong.

On June 7, reporter Colin Wu took to Twitter to share Ng’s phrases relating to the impression of the SEC’s authorized motion in opposition to Hong Kong.

Lately, SEC laws on Binance have elevated. The trade has been in hassle because the Commodity Futures Buying and selling Fee (CFTC) indicted Binance for buying and selling unregistered crypto derivatives. Lately, on Monday, the SEC filed 13 indictments in opposition to the trade, together with Binance’s management over Binance US.

In keeping with Wu’s tweet, Ng argued that the robust guidelines imposed on Binance by the regulatory regime would restrict the trade’s enlargement in Hong Kong, along with the obstacles Binance faces to functioning easily.

The lawyer additionally highlighted the truth that Hong Kong has a sturdy authorized framework for cryptocurrency governance and regulatory certainty. He added that this supportive crypto environment leaves little room for the SEC to intervene in Hong Kong’s cryptocurrency oversight.

Whereas analyzing the contrasting cryptocurrency landscapes of america and Hong Kong, Ng mentioned that america lacks complete cryptocurrency governance legal guidelines and laws and that present legal guidelines have to be strengthened. In distinction, Hong Kong has a transparent and handy set of cryptocurrency regulatory guidelines.

The reporter additionally shared the totally different definitions of securities held by america and Hong Kong, as Ng emphasised. He argued that cash categorized as safety tokens within the US shouldn’t have to be categorized in the identical class in Hong Kong.

Lastly, Mr. Wu drew on Mr. Ng’s perception and highlighted restrictions on the acquisition of safety tokens by retail buyers. “At the moment, Hong Kong doesn’t enable retail buyers to purchase safety tokens, solely skilled buyers are allowed to take action,” the reporter mentioned.