Hong Kong’s securities regulator, the Securities and Futures Commission (SFC), has released a statement warning that some cryptocurrency exchanges are offering products and services for which they have no license or approval.

The SFC noted that these exchanges made “untrue and misleading claims” that they had applied for licenses, creating a false sense of security among the public. This was seen as “fraudulent or reckless misrepresentation”.

Meanwhile, crypto exchange Huobi has announced its intention to open a shop in Hong Kong. As well as this, the Tron Foundation and Justin Sun have recently been the subject of insolvency rumours which are believed to be FUD.

In spite of these events, a new wave of momentum has been created with the Shiba Memu presale. Early investors have already collected over $1.6 million in the native SHMU token.

The SFC’s warning included the launch of new products and services, such as crypto derivatives and earn accounts. These are not allowed under the new regulatory framework.

When it launches, Shiba Memu will have a marketing system that is self-sufficient and powered by artificial intelligence. This will be done using an AI dashboard which will gather industry news, hype and developments to bring people to the project.

Users will be rewarded in the native token in exchange for feedback. If the project delivers on its promises, it could become one of the top meme coins on the market.

Those taking part in the presale could make significant returns as the SHMU token price increases every 24 hours. The presale is expected to run for just eight weeks.

Learn more about Shiba Memu on the project’s website, or buy SHMU.