The Securities and Futures Fee (SFC) issued a warning
as we speak (Friday) about a number of entities suspected of partaking in fraudulent digital
asset-related actions. These entities are additionally purportedly working digital
asset buying and selling platforms (VATPs) in Hong Kong with out the required licenses.
SFC Flags Fraudulent Platforms
Beneath the Anti-Cash Laundering and Counter-Terrorist
Financing Ordinance, any provision or energetic advertising of digital asset
providers to Hong Kong traders and not using a licence is strictly prohibited. The
entities recognized on this regard are:
Tokencan: This platform claims to supply cryptocurrency
buying and selling providers in Hong Kong and not using a licence. Tokencan makes use of social media to
direct traders to its web sites for cryptocurrency investments. The SFC famous
that Tokencan supplied false data, falsely claimed to have filed a
licence software with the SFC, and has had investor studies of frozen
accounts and withdrawal points.
VBIT Trade: This entity is suspected of selling its
purported VATP providers to Hong Kong traders and not using a licence. It falsely
claimed to be regulated by authorities in varied jurisdictions on its web site.
HKD.com Company: This entity makes use of a reputation and emblem very
much like one other VATP it’s not related to. Traders have been requested to
deposit funds into designated financial institution accounts for funding functions.
Subsequently, traders reported difficulties in withdrawing funds.
Confirm VATP Licensing Standing
In response to the SFC’s request, the Hong Kong Police have
taken steps to dam entry to the related web sites and social media pages.
Nevertheless, the general public ought to stay cautious as scammers might proceed to create
web sites with related domains.
On-line funding scams can contain any sort of asset and
are sometimes performed by way of varied channels, resulting in vital losses for
traders. The SFC advises the general public to remain vigilant and concentrate on
potential fraud when making funding selections.
“Traders might danger dropping their complete funding held on
the platform if it ceases operation, collapses, is hacked or in any other case suffers
from any misappropriation of belongings. If unsure concerning the licensing standing of
a VATP, please discuss with the SFC’s Record of licensed digital asset buying and selling
platforms,” the authority said.
This text was written by Tareq Sikder at www.financemagnates.com.
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