Hong Kong Regulators Block Access to BitCuped and HongKongDAO, Warns of Fraud
Crypto News

Hong Kong Regulators Block Access to BitCuped and HongKongDAO, Warns of Fraud

2 месяца назад

The Securities and Futures Commission (SFC) of Hong Kong has issued a warning regarding suspected fraudulent activities.

Hong Kong Regulators Block Access to BitCuped and HongKongDAO, Warns of Fraud

The Securities and Futures Commission (SFC) of Hong Kong has issued a warning regarding suspected fraudulent activities associated with crypto entities Hong Kong Digital Research Institute (also known as HongKongDAO) and BitCuped.

In a notice released on December 6, the SFC disclosed that the Hong Kong Police Force had taken action to block access to the websites of BitCuped and Hong Kong Digital Research Institute, citing concerns that users could be deceived into making illegitimate investments. The regulatory body has also sent cease-and-desist letters to the operators of these websites.

According to the SFC notice, there are suspicions that HongKongDAO may be disseminating false and misleading information about its business through online channels. It further pointed out that BitCuped falsely claims on its website that "Laura Cha" and "Nicolas Aguzin" hold the positions of Chairman and Chief Executive Officer, respectively, whereas neither of them has any affiliation with BitCuped. In reality, Cha and Aguzin are executives with the Stock Exchange of Hong Kong, unrelated to BitCuped.

The SFC emphasized that the misleading information associated with HongKongDAO could potentially mislead individuals into believing that its services are properly licensed and legitimate, thereby encouraging investments in the HKD token. The securities regulator intends to address this issue to protect investors from potential fraud.

This comes as two crypto exchange scandals hit Hong Kong, with JPEX causing $205 million in losses and Hounax defrauding victims of $18 million. However, the SFC decided to keep the grace period of one year, and crypto exchanges operating within Hong Kong will be required to obtain a virtual asset service provider license by June 2024.

Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
1 person liked this article