Hong Kong’s monetary regulator has warned the general public about an unlicensed digital asset buying and selling platform that’s suspected of selling companies to traders with out correct authorization. The Securities and Futures Fee (SFC) cautioned
traders in opposition to buying and selling on Positive X, highlighting the dangers of potential losses
resulting from platform failure, hacking, or misappropriation of property.
Positive X is a digital asset buying and selling platform working
beneath varied names, akin to “Positive Bit Worldwide Pte Ltd” or “Positive Bit
Worldwide Ltd”. The SFC warned that traders would possibly nonetheless discover methods to
entry Positive X’s web sites and buying and selling platform regardless of showing to be
inaccessible.
The regulator wrote: “Whereas Positive X’s platform web sites
look like inaccessible, the SFC notes that Hong Kong traders, by way of
different means by way of the web, should still be capable of entry the web sites and/or
the purported buying and selling platform and register as new customers.”
Supply: SFC
Final month, the SFC raised issues over two different cryptocurrency buying and selling platforms, HKCEXP and EDY, resulting from suspected
fraudulent actions. In keeping with a report by Finance Magnates, the regulator’s investigation revealed that EDY falsely claimed affiliation with a monetary establishment in Hong Kong and a digital token system.
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Furthermore, traders
reported difficulties withdrawing funds from the platform, indicating potential
malpractice. Equally, HKCEXP is suspected of working with a faux Hong Kong
handle and falsely presenting itself as an “SFC-registered firm”. Thus, the securities watchdog warned traders in opposition to paying hefty charges to the platform to facilitate withdrawals.
Hong Kong Tightens Crypto Laws
Moreover, the SFC warned about Bybit, a
cryptocurrency trade purportedly working with out the required licensing in Hong Kong.
The regulator talked about that Bybit’s suspected unauthorized merchandise, together with
futures contracts and leveraged tokens, pose vital monetary dangers to
traders.
Within the aftermath of the scandal involving JPEX, the
SFC is taking decisive motion to safeguard traders. The regulator has rolled out a
complete set of measures aimed toward enhancing transparency, bolstering
public consciousness, and tightening rules surrounding crypto buying and selling
platforms.
Hong Kong’s foray into retail cryptocurrency buying and selling
in June 2023 introduced with it a surge in alternatives for traders. Nevertheless,
it additionally uncovered vulnerabilities within the regulatory framework, significantly
relating to unlicensed buying and selling platforms.
To deal with this, the SFC revealed an in depth
record of licensed Digital Asset Buying and selling Platforms on its web site. In addition to that, the watchdog is conducting a public consciousness marketing campaign to teach
people about defending themselves from potential fraud.
Hong Kong’s monetary regulator has warned the general public about an unlicensed digital asset buying and selling platform that’s suspected of selling companies to traders with out correct authorization. The Securities and Futures Fee (SFC) cautioned
traders in opposition to buying and selling on Positive X, highlighting the dangers of potential losses
resulting from platform failure, hacking, or misappropriation of property.
Positive X is a digital asset buying and selling platform working
beneath varied names, akin to “Positive Bit Worldwide Pte Ltd” or “Positive Bit
Worldwide Ltd”. The SFC warned that traders would possibly nonetheless discover methods to
entry Positive X’s web sites and buying and selling platform regardless of showing to be
inaccessible.
The regulator wrote: “Whereas Positive X’s platform web sites
look like inaccessible, the SFC notes that Hong Kong traders, by way of
different means by way of the web, should still be capable of entry the web sites and/or
the purported buying and selling platform and register as new customers.”
Supply: SFC
Final month, the SFC raised issues over two different cryptocurrency buying and selling platforms, HKCEXP and EDY, resulting from suspected
fraudulent actions. In keeping with a report by Finance Magnates, the regulator’s investigation revealed that EDY falsely claimed affiliation with a monetary establishment in Hong Kong and a digital token system.
Hold Studying
Furthermore, traders
reported difficulties withdrawing funds from the platform, indicating potential
malpractice. Equally, HKCEXP is suspected of working with a faux Hong Kong
handle and falsely presenting itself as an “SFC-registered firm”. Thus, the securities watchdog warned traders in opposition to paying hefty charges to the platform to facilitate withdrawals.
Hong Kong Tightens Crypto Laws
Moreover, the SFC warned about Bybit, a
cryptocurrency trade purportedly working with out the required licensing in Hong Kong.
The regulator talked about that Bybit’s suspected unauthorized merchandise, together with
futures contracts and leveraged tokens, pose vital monetary dangers to
traders.
Within the aftermath of the scandal involving JPEX, the
SFC is taking decisive motion to safeguard traders. The regulator has rolled out a
complete set of measures aimed toward enhancing transparency, bolstering
public consciousness, and tightening rules surrounding crypto buying and selling
platforms.
Hong Kong’s foray into retail cryptocurrency buying and selling
in June 2023 introduced with it a surge in alternatives for traders. Nevertheless,
it additionally uncovered vulnerabilities within the regulatory framework, significantly
relating to unlicensed buying and selling platforms.
To deal with this, the SFC revealed an in depth
record of licensed Digital Asset Buying and selling Platforms on its web site. In addition to that, the watchdog is conducting a public consciousness marketing campaign to teach
people about defending themselves from potential fraud.
