A recent incident involving a fraudulent exchange in Hong Kong has brought attention to the lack of regulations surrounding virtual currency exchanges. According to Odaily, a man attempted to convert 1 million Hong Kong dollars to USDT at an offline OTC store but was left without receiving the equivalent amount. The incident is now under investigation by law enforcement officials. Hong Kong Legislative Council member Ng Kit Chuang has expressed his concern over this case, stating it represents a ‘brazen’ act and that there are hundreds of similar establishments operating in Hong Kong, all lacking licenses and facing no regulatory oversight. Ng urges the Hong Kong government to accelerate legislative action to address these significant gaps in regulation and protect consumers.