The Securities and Futures Fee (SFC) issued a warning
at present (Friday) about a number of entities suspected of participating 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
Below the Anti-Cash Laundering and Counter-Terrorist
Financing Ordinance, any provision or energetic advertising of digital asset
companies to Hong Kong buyers and not using a licence is strictly prohibited. The
entities recognized on this regard are:
Tokencan: This platform claims to offer cryptocurrency
buying and selling companies in Hong Kong and not using a licence. Tokencan makes use of social media to
direct buyers to its web sites for cryptocurrency investments. The SFC famous
that Tokencan supplied false info, falsely claimed to have filed a
licence utility with the SFC, and has had investor experiences of frozen
accounts and withdrawal points.
VBIT Trade: This entity is suspected of promoting its
purported VATP companies to Hong Kong buyers and not using a licence. It falsely
claimed to be regulated by authorities in numerous jurisdictions on its web site.
HKD.com Company: This entity makes use of a reputation and emblem very
much like one other VATP it isn’t related to. Buyers had been requested to
deposit funds into designated financial institution accounts for funding functions.
Subsequently, buyers 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.
Nonetheless, the general public ought to stay cautious as scammers might proceed to create
web sites with comparable domains.
On-line funding scams can contain any sort of asset and
are sometimes carried out via numerous channels, resulting in vital losses for
buyers. The SFC advises the general public to remain vigilant and concentrate on
potential fraud when making funding selections.
“Buyers might danger dropping their total funding held on
the platform if it ceases operation, collapses, is hacked or in any other case suffers
from any misappropriation of property. If unsure concerning the licensing standing of
a VATP, please confer with the SFC’s Checklist 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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