SFC problems caution on 3 unlicensed VATPs in Hong Kong
The Securities and Futures Fee (SFC) has nowadays (Friday) issued a caution about a number of entities suspected of being interested by fraudulent digital asset-related actions. Those entities also are allegedly working digital asset buying and selling platforms (VATP) in Hong Kong with out the desired licenses.
SFC flags fraudulent platforms
Below the Anti-Cash Laundering and Combatting Terrorism Financing Ordinance, any provision or energetic advertising of digital asset products and services to Hong Kong traders with no licence is precisely prohibited. The entities recognized on this regard are:
TokenCan: This platform claims to offer cryptocurrency buying and selling products and services in Hong Kong with no license. TokenCan makes use of social media to direct traders to its site for cryptocurrency investments. The SFC discovered that TokenCan supplied false data, falsely claimed to have filed a license software with the SFC, and traders reported accounts being frozen and withdrawal problems.
VBIT Trade: This entity is suspected of promoting its alleged VATP products and services to Hong Kong traders with no license. It falsely claimed on its site to be regulated through government in more than a few jurisdictions.
HKD.com Company: This entity makes use of a reputation and brand this is similar to every other VATP that it has no reference to. Traders have been requested to deposit budget in specified financial institution accounts for funding functions. Due to this fact, traders reported difficulties in chickening out budget.
Examine VATP Licensing Standing
In keeping with the SFC’s request, the Hong Kong police have taken steps to dam get entry to to the related web sites and social media pages. On the other hand, the general public must stay vigilant as scammers would possibly proceed to create web sites with an identical domains.
On-line funding scams can relate to any form of asset and are regularly performed via more than a few channels, inflicting important losses to traders. The SFC advises the general public to stay vigilant and be cautious of possible fraud when making funding choices.
“If the platform ceases to function, shuts down, is hacked, or suffers every other misuse of belongings, traders would possibly possibility shedding their complete funding held at the platform. If doubtful in regards to the licensing standing of a VATP, please seek advice from the SFC’s listing of authorized digital asset buying and selling platforms,” the authority mentioned.
This newsletter used to be written through Tariq Sikdar at www.financemagnates.com.
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