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<a href="https://bitcoinworld.co.in/hong-kongs-securities-and-futures-commission-sfc-flags-unregistered-vatps/" title="Hong Kong’s Securities and Futures Commission (SFC) Flags Unregistered VATPs" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">The Hong Kong’s Securities and Futures Commission (SFC) has flagged three firms for operating VATPs unlawfully in Hong Kong.</li>
 <li style="font-weight: 400">HKD.com Corporation, Tokencan, and VBIT Exchange made a lot of false claims about their status and operations.</li>
</ul>
<a href="https://bitcoinworld.co.in/hong-kong-is-considering-new-crypto-license-for-clearer-regulation/" rel="noopener noreferrer nofollow">Hong Kong</a> police have also moved in to close websites and social media pages used to dupe investors.
The Securities and Futures Commission (SFC) has sounded an alarm over three unregistered virtual asset trading platforms (VATPs) operating without license in Hong Kong. The entities have allegedly engaged in consistent fraudulent virtual asset-related activities.
The SFC cited Tokencan, VBIT Exchange, and HKD.com Corporation as entities operating in Hong Kong without the necessary licensing.&nbsp;
According to the Anti-Money Laundering and Counter-Terrorist Finance Ordinance, active marketing of virtual asset services without a license is an offense in Hong Kong.
<h3 id="span-style-font-weight-400-sfc-sounds-alarm-on-the-three-firms-span">SFC Sounds Alarm On The Three Firms</h3>
<a href="https://www.financemagnates.com/cryptocurrency/sfc-sounds-alarm-on-3-unlicensed-vatps-in-hong-kong/" rel="noopener noreferrer nofollow">According</a> to Finance Magnates, the three firms were in breach of Hong Kong regulations ranging from false claims, fraud, and providing false information to unsuspecting investors, who eventually faced difficulties in withdrawing their funds.
VBIT Exchange allegedly marketed its VATP services to investors in Hong Kong without a license, while it claimed to operate legally.
HKD.com Exchange asked investors to deposit funds into some bank accounts for investment purposes.&nbsp;
However, the SFC found out that investors faced difficulties in making withdrawals. The firm also has an identity similar to another company it is not related to, which could potentially confuse investors.
Also on the wrong side of the law, Tokencan reportedly offered crypto trading services without a license.&nbsp;
The SFC discovered that the company used social media platforms to direct investors to some websites for crypto investments. The regulator also noted Tokencan claimed it filed for licensing in addition to investor reports of frozen accounts, among other false claims.
<h3 id="span-style-font-weight-400-hong-kong-police-block-the-websites-span">Hong Kong Police Block The Websites</h3>
Following the discoveries, the SFC warned the public to be cautious and be aware of potential fraud when they make investment decisions.&nbsp;
This comes as fraud cases involving virtual assets may manifest in many ways.
“If in doubt about the licensing status of a VATP, please refer to the SFC’s list of licensed virtual asset trading platforms.”
“Investors may risk losing their entire investment held on the platforms if it ceases operation, collapse, is hacked or otherwise suffers from any misappropriation of assets,” said the authority.
Police in Hong Kong have taken initiatives to block the firms’ websites and social media pages, at the request of the SFC.&nbsp;
Earlier this year SFC said it would inspect VATPs that had not completed their registration applications by the June 1 deadline. The regulator warned unregistered VATPs would face criminal charges.

Hong Kong’s Securities and Futures Commission (SFC) Flags Unregistered VATPs

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