On February 3, 2025, Hong Kong's Securities and Futures Commission (SFC) issued licenses to two local exchanges, PantherTrade and YAX, marking the first crypto trading licenses granted in the city this year. Despite the approval of Bitcoin, Ether, Avalanche, and Chainlink for trading, XRP remains notably absent from the list, raising concerns about its regulatory status.
The SFC has approved a total of 10 exchanges to operate under strict compliance with anti-money laundering and counter-terrorist financing laws. Initially, the SFC aimed to license 11 platforms by the end of 2024 but encountered delays due to thorough compliance checks.
The exclusion of XRP from the approved cryptocurrencies is currently unexplained, potentially linked to Ripple's ongoing legal challenges in various jurisdictions.