A man was extorted for 1 million Hong Kong dollars in cash when exchanging USDT offline; currently, there are over 200 similar shops in Hong Kong without a license.

Odaily News A man sought to exchange 1 million HKD in cash for USDT at an offline OTC store in Hong Kong, but the store took the cash without remitting it to him. The incident has been reported to law enforcement. Hong Kong Legislative Council member Wu Jizhuang stated that "this matter is rampant" and mentioned that there are currently over 200 such virtual money exchange stores in Hong Kong, all of which are unlicensed and not protected or regulated by any Hong Kong laws. Anyone can open a store with a business registration. He urged the Hong Kong government to promptly initiate relevant consultations and legislative procedures. (East Net)