1 year ago
Hong Kong’s Securities and Futures Commission (SFC) has restricted entree to 2 cryptocurrency websites, according to a Dec. 6 notice.
In that post, the securities regulator said that it had taken steps to artifact entree to the websites of HongKongDAO (also known arsenic Hong Kong Digital Research Institute) and BitCuped. Despite the regulator’s actions, some websites were accessible extracurricular of Hong Kong arsenic of 8:00 p.m. UTC connected Dec. 6.
The regulator added that it has issued cease and desist letters to the applicable website operators, demanding that each tract halts offerings of the HKD token, a cryptocurrency whose offering has been considered amerciable owed to deficiency of indispensable permissions
The SFC additionally described each company’s wrongdoings. In summation to highlighting HongKongDAO’s offering of the HKD token, the SFC said that HongKongDAO dispersed mendacious and misleading accusation astir itself. It noted that 1 nonfiction claimed that HongKongDAO applied for and obtained definite licenses and is presently bidding for different licence supposedly related to stablecoin regulation. The regulator denied these claims.
Separately, BitCuped falsely claimed that 2 individuals enactment arsenic executives of the institution erstwhile neither has immoderate existent narration with it. Those executives are alternatively associated with the large Hong Kong banal speech HKEX, which has acknowledged that BitCuped and different companies assertion mendacious ties to it.
Hong Kong cracking down connected crypto fraud
Hong Kong has initiated high-profile actions against different crypto firms successful caller months. The SFC notably began an enquiry into a crypto speech called Hounax astir Nov. 27. The regulator was criticized for providing a informing excessively late, arsenic customers reportedly mislaid $15.4 cardinal of crypto.
The SFC is besides progressive successful an ongoing probe of JPEX, which allegedly caused customers to suffer astir $200 cardinal successful crypto done its fraud. Though it does not look that the lawsuit has been afloat resolved, reports from Nov. 26 bespeak that constabulary person made 66 arrests related to JPEX to date.
The station Hong Kong regulator blocks crypto websites implicit amerciable token offerings and mendacious claims appeared archetypal connected CryptoSlate.
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