The Securities and Futures Fee of Hong Kong (SFC) has
sounded the alarm in opposition to two doubtful buying and selling platforms, HKCEXP and EDY, at the moment (Monday).
In an official assertion launched on its web site, the SFC cautioned traders
about partaking with these platforms, citing suspicions of fraudulent
actions.
In accordance with the SFC, EDY is presupposed to be a digital asset
buying and selling platform, falsely claiming affiliation with a monetary establishment in
Hong Kong and a digital token system developed by one other monetary
establishment. Nonetheless, investigations have revealed no such associations exist.
Furthermore, traders have lodged complaints stating they encountered
difficulties withdrawing funds from the platform submit deposits, indicating
potential malpractice.
EDY, Supply: SFC
Equally, HKCEXP, one other entity claiming to be a digital
asset buying and selling platform , allegedly operates with a faux Hong Kong deal with and
has misrepresented itself as an “SFC-registered firm.” Buyers
have reported cases the place they have been coerced into paying exorbitant charges
beneath the guise of “taxes” to facilitate withdrawals.
HKCEXP, Supply: SFC
Hong Kong SFC Warns Public in opposition to HKCEXP for Suspected Crypto Fraud https://t.co/zqF7VdVEsC pic.twitter.com/RU6ERh7gkr
— Coinspeaker (@coinspeaker) March 25, 2024
In response to those alerts, the SFC advises that traders chorus from coping with these platforms and report any suspicious
actions to the regulator promptly. They emphasize the significance of
verifying the legitimacy of buying and selling platforms and making certain compliance with
regulatory necessities earlier than making any funding selections.
SFC Warning on Bybit’s Unlicensed Choices
The SFC issued a warning to traders concerning Bybit
and its choices within the cryptocurrency area, as reported earlier by Finance
Magnates. Bybit, a cryptocurrency alternate, lacks the required
licensing, posing dangers to traders. The SFC recognized 11 of Bybit’s merchandise
as doubtlessly suspicious investments, together with futures contracts, choices,
leveraged tokens, and different crypto-related providers.
These merchandise have been marketed to traders in Hong Kong
with out correct authorization, exposing them to important monetary dangers.
Coping with crypto-related merchandise in Hong Kong is regulated, requiring
entities to acquire licensing from the SFC.
The Securities and Futures Fee of Hong Kong (SFC) has
sounded the alarm in opposition to two doubtful buying and selling platforms, HKCEXP and EDY, at the moment (Monday).
In an official assertion launched on its web site, the SFC cautioned traders
about partaking with these platforms, citing suspicions of fraudulent
actions.
In accordance with the SFC, EDY is presupposed to be a digital asset
buying and selling platform, falsely claiming affiliation with a monetary establishment in
Hong Kong and a digital token system developed by one other monetary
establishment. Nonetheless, investigations have revealed no such associations exist.
Furthermore, traders have lodged complaints stating they encountered
difficulties withdrawing funds from the platform submit deposits, indicating
potential malpractice.
EDY, Supply: SFC
Equally, HKCEXP, one other entity claiming to be a digital
asset buying and selling platform , allegedly operates with a faux Hong Kong deal with and
has misrepresented itself as an “SFC-registered firm.” Buyers
have reported cases the place they have been coerced into paying exorbitant charges
beneath the guise of “taxes” to facilitate withdrawals.
HKCEXP, Supply: SFC
Hong Kong SFC Warns Public in opposition to HKCEXP for Suspected Crypto Fraud https://t.co/zqF7VdVEsC pic.twitter.com/RU6ERh7gkr
— Coinspeaker (@coinspeaker) March 25, 2024
In response to those alerts, the SFC advises that traders chorus from coping with these platforms and report any suspicious
actions to the regulator promptly. They emphasize the significance of
verifying the legitimacy of buying and selling platforms and making certain compliance with
regulatory necessities earlier than making any funding selections.
SFC Warning on Bybit’s Unlicensed Choices
The SFC issued a warning to traders concerning Bybit
and its choices within the cryptocurrency area, as reported earlier by Finance
Magnates. Bybit, a cryptocurrency alternate, lacks the required
licensing, posing dangers to traders. The SFC recognized 11 of Bybit’s merchandise
as doubtlessly suspicious investments, together with futures contracts, choices,
leveraged tokens, and different crypto-related providers.
These merchandise have been marketed to traders in Hong Kong
with out correct authorization, exposing them to important monetary dangers.
Coping with crypto-related merchandise in Hong Kong is regulated, requiring
entities to acquire licensing from the SFC.
