Bitcoin

when

Read

Hong Kong’s financial regulator has warned the public over the activities of the platforms on suspected virtual asset-related fraud. This comes from the bank of efforts by authorities to flush out unregistered companies and non-compliant firms from the country.&nbsp;
In a recent press release, the Securities and Futures Commission (SFC) informed the public of new developments surrounding <a rel="noopener noreferrer nofollow" href="https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR54" target="_blank">EDY</a> and HKCEXP on suspected fraud activities. According to the Commission, EDY claims to be affiliated with a financial institution in the country when in reality, they are not.&nbsp;
The platform also claims to be associated with a digital token system created a a financial institution in Hong Kong.&nbsp;
<blockquote>
 “The Securities and Futures Commission (SFC) today warns the public of suspected virtual asset-related fraud involving a purported virtual asset trading platform operating under the name of “EDY.”&nbsp;
</blockquote>
Furthermore, the users have reported incidents of inability to withdraw funds after making deposits coupled with the fact that the company’s website is now inaccessible. The <a href="https://coingape.com/china-sfc-cautions-about-scam-amid-hong-kong-crypto-revival/" target="_blank" rel="noopener noreferrer nofollow">Hong Kong</a> regulator advised users to be wary of new websites that can be created to defraud investors.&nbsp;
<h2 id="span-style-font-weight-400-strong-hkcexp-comes-under-scrutiny-strong-span">HKCEXP Comes Under Scrutiny&nbsp;</h2>
Another platform <a rel="noopener noreferrer nofollow" href="https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR55" target="_blank">HKCEXP</a> is under the radar of Hong Kong’s authorities as users report incidents of hardship. Per the report, the regulator noted that victims reported payment difficulties coupled with high tax changes process withdrawals.&nbsp;
The company also provided the regulator with a fake address to mislead Hong Kong investors. Furthermore, the release states that the Commission believes the company misrepresented other facts to decisive investors of being an SFC-registered company.&nbsp;
The regulator has engaged the Hong Kong police to block access to the company’s website, waning investors of possible future models from bad actors within and outside its jurisdiction.&nbsp;
“Online investment scams may involve any type of assets and are perpetrated through multiple channels, and victims of these scams can suffer substantial losses. Therefore, investors should stay vigilant and beware of fraud when making investment decisions.”&nbsp;
<h2 id="span-style-font-weight-400-strong-hong-kong-s-regulatory-strategy-strong-span">Hong Kong’s Regulatory Strategy&nbsp;</h2>
In recent times Hong Kong authorities have ranked up efforts to clamp down on digital asset fraud. The body also releases periodic guidelines including a mandatory registration regime.&nbsp;
The <a href="https://coingape.com/hong-kong-reveals-crypto-deadline-investors/" target="_blank" rel="noopener noreferrer nofollow">SFC</a> set Feb 29 as the deadline for the application of an operational license with effects to kick in on May 31. Sequel to the move, 22 companies sent license applications as global authorities also intensity regulatory efforts.&nbsp;
Read Also: <a href="https://coingape.com/breaking-lse-confirms-readiness-to-accept-bitcoin-etn-listing/" target="_blank" rel="noopener noreferrer nofollow">Breaking: LSE Confirms Readiness To Accept Bitcoin ETN Listing Applications</a>
The post <a href="https://coingape.com/hong-kong-financial-regulator-flags-two-platforms-on-crypto-related-fraud/" rel="noopener noreferrer nofollow">Hong Kong’s Financial Regulator Flags Two Platforms on Crypto-Related Fraud</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Hong Kong’s Financial Regulator Flags Two Platforms on Crypto-Related Fraud

Table of Contents

Coingape News Media

Other articles published on Mar 25, 2024

VeChain CEO Sunny Lu Headlines Paris Blockchain Week 2024

Solana Rival Completes 95% Stage 5 Presale, Raising $2.5 Million in Weeks, SOL Investors Purchase...

Solana: Eyes Set on All-Time High Following Jump to $190

London Stock Exchange (LSE) Approved the Launch of Bitcoin and Ethereum ETNs – Here is the Date

Binance Labs Announced Its Investment In StakeStone

Dogecoin Price Action: Why A 10% Drop Would Cost Traders $66 Million

Join our free newsletter for daily crypto updates!