A man was extorted for 1 million Hong Kong dollars in cash by a currency exchange shop while exchanging USDT offline. Currently, there are over 200 similar shops in Hong Kong without a license

ChainCatcher news, a man sought to exchange 1 million HKD in cash for USDT at an offline OTC store in Hong Kong. Ultimately, the store took the cash but did not remit any funds to the individual, and the matter has been reported to law enforcement. Hong Kong Legislative Council member Wu Jiezhuang stated that "this matter is rampant," and noted that there are currently over 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 shop simply by obtaining a business registration. He urged the Hong Kong government to promptly initiate relevant consultations and legislative procedures.