{"id":82930,"date":"2024-06-28T14:13:15","date_gmt":"2024-06-28T18:13:15","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=82930"},"modified":"2024-06-28T14:13:28","modified_gmt":"2024-06-28T18:13:28","slug":"hong-kongs-securities-warns-against-fraudulent-crypto-firms","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/hong-kongs-securities-warns-against-fraudulent-crypto-firms\/","title":{"rendered":"Hong Kong\u2019s Securities Warns Against Fraudulent Crypto Firms"},"content":{"rendered":"\n

The Hong Kong\u2019s Securities and Futures Commission <\/a>has warned crypto users of three firms operating without licenses.<\/p>\n\n\n\n

\"Hong
Hong Kong\u2019s Securities Warns Against Fraudulent Crypto Firms <\/em><\/figcaption><\/figure>\n\n\n\n

Investors were cautioned by the Hong Kong Securities and Futures Commission (SFC)\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> regarding the activities of three firms that have been accused of engaging in fraudulent virtual asset transactions. Certain organizations allegedly engage in crypto-related activities without a valid license. To safeguard investors, the SFC has identified numerous organizations that engage in comparable activities this year.<\/p>\n\n\n\n

SFC Issues Warnings Regarding Tokencan, VBIT, and HKD.com<\/strong><\/h3>\n\n\n\n

The financial regulators in the jurisdiction issued a warning to users regarding the activities of HKD.com Corporation, VBIT Exchange, and Tokencan. The SFC emphasized the alleged offenses of the three platforms in a communiqu\u00e9 on June 28. According to the release, Tokencan provided digital asset trading services to clients in Hong Kong without a license.<\/p>\n\n\n\n

Additionally, the firm's account was frozen due to investors reporting withdrawal issues and providing fraudulent information to the regulator. Similarly, it is alleged that VBIT exchange marketed its services without a license, including fraudulent claims on its website that multiple authorities regulated it.<\/p>\n\n\n\n

HKD.com Corporation adopted a name closely associated with another organization, but no affiliations exist. Users were instructed to deposit funds but promptly reported experiencing difficulties.<\/p>\n\n\n\n

\n

\u201cUnder the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, it is an offense to carry on a business of providing a virtual asset service (ie, operating a virtual asset exchange) in Hong Kong and\/or actively market such services to Hong Kong investors without a license.\u201d\u00a0<\/em><\/p>\n<\/blockquote>\n\n\n\n

Hong Kong Enhances Regulatory Initiatives<\/strong><\/h3>\n\n\n\n

The Hong Kong Police were notified by the authorities to block the websites and social media pages, which included numerous warnings for users to prevent the occurrence of additional victims. Several guidelines have been issued by Hong Kong regulators<\/a> to simplify various aspects of the crypto market to safeguard consumers.<\/p>\n\n\n\n

“Investors may incur substantial losses due to online investment scams, which are conducted through numerous channels and may involve any type of asset.” When making investment decisions, they should remain vigilant and cautious of fraud.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Hong Kong\u2019s Securities and Futures Commission has warned crypto users of three firms operating without licenses. Investors were cautioned by the Hong Kong Securities and Futures Commission (SFC) regarding the activities of three firms that have been accused of engaging in fraudulent virtual asset transactions. Certain organizations allegedly engage in crypto-related activities without a […]<\/p>\n","protected":false},"author":59,"featured_media":82932,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11476],"tags":[7017,1134,1543],"class_list":["post-82930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hacks-and-scams","tag-crypto-scams","tag-hong-kong","tag-sfc"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/06\/hklkk.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=82930"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/82930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/82932"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=82930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=82930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=82930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}