Woofun AI reports that the Hong Kong Securities and Futures Commission has reprimanded Victory Securities Company Limited and imposed a fine of HK$1.7 million for regulatory violations. The commission also temporarily suspended the license of the firm's responsible officer.

This enforcement action follows Victory Securities' decision in February to disable virtual currency trading for users with mainland China identities, retaining only withdrawal capabilities while halting deposits and new transactions. These measures represent a continuation of the platform's strategy to restrict services for mainland clients, including prior bans on purchases and suspension of new address verifications, to align with Hong Kong SFC regulations and relevant mainland policies.