Hong Kong’s securities watchdog, the Securities and Futures Commission (SFC) said that it’s going to publish a list of crypto exchange license applicants in the wake of the JPEX probe, which has led to multiple arrests in the territory.

“The JPEX incident highlights the risks of dealing with unregulated virtual asset trading platforms (VATPs) and the need for proper regulation to maintain market confidence,” the SFC said in a statement Monday. “It also shows that dissemination of information to the investing public through the Alert List, warnings and investor education can be further enhanced to help members of the investing public better understand the potential risks entailed by suspicious websites or VATPs.”

Last week, Hong Kong’s Chief Executive, John Lee, emphasized the necessity for crypto platforms to be licensed by the SFC to protect investors.

“We will be doing more public education for investors to know the risks,” he said at the time.

Only OSL Digital Securities Limited and Hash Blockchain Limited have been awarded licenses.

According to the SCMP, four other companies have applied for licenses – HKVAX, HKBitEx, Hong Kong BGE Limited, and Victory Fintech Company Limited – but these are relatively small and unknown. Many major crypto exchanges have not signaled their intent to become licensed in Hong Kong.