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The Securities and Futures Fee (SFC) issued a warning
immediately (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
providers to Hong Kong buyers with no licence is strictly prohibited. The
entities recognized on this regard are:
Tokencan: This platform claims to offer cryptocurrency
buying and selling providers in Hong Kong with no licence. Tokencan makes use of social media to
direct buyers to its web sites for cryptocurrency investments. The SFC famous
that Tokencan offered false info, falsely claimed to have filed a
licence utility with the SFC, and has had investor studies of frozen
accounts and withdrawal points.
VBIT Change: This entity is suspected of advertising its
purported VATP providers to Hong Kong buyers with no 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 brand 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 could proceed to create
web sites with comparable domains.
On-line funding scams can contain any kind of asset and
are sometimes performed by way of varied 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 could threat dropping their whole funding held on
the platform if it ceases operation, collapses, is hacked or in any other case suffers
from any misappropriation of property. If doubtful concerning the licensing standing of
a VATP, please seek advice from the SFC’s Record of licensed digital asset buying and selling
platforms,” the authority acknowledged.
This text was written by Tareq Sikder at www.financemagnates.com.
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