Victory Securities, a licensed cryptocurrency broker in Hong Kong, blocked trading functions for users residing in Mainland China. Affected users can no longer deposit funds or execute new trades, although they can make withdrawals to recover existing assets.

The broker implemented gradual restrictions over the past months, including suspending new address certifications and banning the purchase of certain tokens for Mainland China residents. The platform remains fully operational for Hong Kong residents and international investors.

The measure complies with the requirements of the Hong Kong Securities and Futures Commission (SFC) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). Virtual asset service providers (VASPs) are strictly liable if they allow Mainland Chinese capital to enter the Hong Kong financial system.

The decision follows the expansion of China’s ban on issuing offshore tokens and using yuan-linked stablecoins in international markets. The SFC requires brokers to perform due diligence on their clients’ residency and warns that any platform acting as a “backdoor” for Mainland capital risks losing its VASP license.

Source: https://finmeta.com.hk/zh-cn/article/detail/698a9108800d4569347b6251

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Filed under: News - @ February 10, 2026 9:29 pm