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JPEX

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HongKongDAO

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    <p>Hong Kong’s Securities and Futures Commission (SFC) has blacklisted two <a rel="dofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> web<a rel="dofollow" title="sites" href="https://thebittimes.com/tag/sites.html">sites</a> accused of scamming <a rel="dofollow" title="investors" href="https://thebittimes.com/tag/investors.html">investors</a> and lying about executives, following criticism that the agency reacted too slowly to the recent JPEX scandal.</p> 
    <p>According to SFC director of enforcement Cheng Tak-ka, both BitCuped and HongKongDAO were placed on an alert list on November 10 and 24 respectively.&nbsp;As reported by the South China Morning Post, both crypto sites attempted to attract investors with misleading claims.</p> 
    <p>The SFC says it was tipped off by an anonymous source that HongKongDAO falsely claimed to have applied for the relevant operating licenses. It also led <a rel="dofollow" title="investors" href="https://thebittimes.com/tag/investors.html">investors</a> to believe its native token had a high market value.</p> 
    <p>HongKongDAO sold HKD through two group chats, one for 10,000 Chinese-speaking members and another that served 1,700 in English.</p> 
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       Police probe HK crypto exchange after users lose $15M to scams
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    <p><em>Read more: Seven more arrested and another supercar seized over JPEX scandal</em></p> 
    <p>According to the SFC enforcement director, “Once you press the ‘buy’ button on the website, it will divert people to [BitCuped] for payment” — a site claiming to provide virtual assets and stock trading.&nbsp;&nbsp;</p> 
    <p>BitCuped is accused of falsifying its CEO and chairman. The firm lists two individuals who reportedly have no affilitation to the <a rel="dofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> site, and instead serve as the CEO and chairman of Hong Kong Exchanges and Clearing (HKEX).</p> 
    <p>The Hong Kong watchdog didn’t say how many investors have been affected, nor the amount of money lost to the alleged crypto scams.</p> 
    <p>As noted by the SCMP, the SFC was recently accused of reacting too slowly to the JPEX scam — Hong Kong’s largest case of financial fraud to date. In total, the scandal reportedly affected 2,600 victims and caused more than HK$1.61 billion in losses.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/hong-kong-bans-two-more-crypto-sites-for-misleading-investors-tbt72828.html">https://thebittimes.com/hong-kong-bans-two-more-crypto-sites-for-misleading-investors-tbt72828.html</a></p>

Hong Kong bans two more crypto sites for misleading investors

TheBitTimes

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