Security

<a href="https://bitcoinworld.co.in/hong-kong-security-watchdog-sfc-cracks-down-on-crypto-firms-lonshix-and-bitbank/" title="Hong Kong Security Watchdog, SFC, Cracks Down on “Crypto Firms” LonShiX and Bitbank" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">The Hong Kong security watchdog, Securities and Futures Commission (SFC), has cracked the whip on two entities.</li>
 <li style="font-weight: 400">The regulator alleged the entities are involved in suspicious crypto-related fraud.</li>
 <li style="font-weight: 400">The SFC warned the public to avoid the entities.</li>
</ul>
The Hong Kong securities watchdog <a href="https://dailycoin.com/hong-kong-cracks-down-on-crypto-firms-lonshix-and-bitbank/?utm_source=cryptopanic&amp;utm_medium=rss" rel="noopener noreferrer nofollow">has</a> taken multiple regulatory actions against two firms accused of engaging in fraudulent activities purporting to be related to crypto.&nbsp;&nbsp;
On December 20, the Securities and Futures Commission (SFC) issued an advisory against entities operating under LonShiX and Bitbank (Global) Financial Holding Group, urging the public to beware of them.
<h3 id="span-style-font-weight-400-sfc-cracks-the-whip-span">SFC Cracks The Whip</h3>
In the statement, the SFC accused LonShiX of lying about its location in Hong Kong by presenting a fake address on its website, which further claims to offer digital currency, foreign exchange, and other investment services.
The regulator stated that LonShiX “lures investors to open investment” accounts on its platform through individuals falsely claiming to be investment professionals authorized by banks.&nbsp;
The platform targets users via social media platforms and instant messaging apps.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/hong-kong-sfc-warns-two-crypto-entities-against-fraudulent-activities/" aria-label="“Hong Kong SFC Warns Two Crypto Entities Against Fraudulent Activities” (Edit)" rel="noopener noreferrer nofollow">Hong Kong SFC Warns Two Crypto Entities Against Fraudulent Activities</a>
As for Bitbank, the SFC claimed that the entity has adopted a name that is very similar to that of a crypto exchange based in Japan when, in fact, they are not associated.&nbsp;
The company is also accused of falsely claiming that it had obtained SFC licenses and began to apply for a virtual asset service provider’s license.
While the SFC reiterated that these claims are merely allegations, the regulator took several measures to protect unsuspecting investors.&nbsp;&nbsp;
“At the SFC’s request, the Hong Kong Police Force has taken steps to block access to the websites of LonShiX and Bitbank (Global) Financial Holding Group, as well as the relevant X accounts,” the regulator stated.
Besides adding the websites of the above entities to its Suspicious Virtual Asset Trading Platforms Alert List, the SFC has advised the public to avoid the companies and to be cautious of dubious virtual asset-related investment advice and opportunities flaunted on social media.
The post <a href="https://bitcoinworld.co.in/hong-kong-security-watchdog-sfc-cracks-down-on-crypto-firms-lonshix-and-bitbank/" rel="noopener noreferrer nofollow">Hong Kong Security Watchdog, SFC, Cracks Down on “Crypto Firms” LonShiX and Bitbank</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Hong Kong Security Watchdog, SFC, Cracks Down on “Crypto Firms” LonShiX and Bitbank

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