Hong Kong Regulator Warns of 2 Entities Suspected of Crypto Frauds

Hong Kong’s fiscal regulator has warned the nationalist astir 2 entities suspected of crypto frauds. In summation to issuing cease and desist letters to applicable website operators requesting them to cease offering crypto tokens for purchases, the regulator advises the nationalist to “be cautious astir too-good-to-be-true concern opportunities and proposal posted connected societal media platforms and via instant messaging apps.”

Hong Kong Regulator’s Crypto Fraud Warning

The Hong Kong Securities and Futures Commission (SFC) issued a announcement connected Wednesday, informing the nationalist of 2 entities suspected of engagement successful virtual asset-related frauds. The 2 entities are Hong Kong Digital Research Institute, aka Hong Kong DAO, and Bitcuped. According to the notice:

At the SFC’s request, the Hong Kong Police Force has taken steps to artifact entree to the websites of Hong Kong DAO and Bitcuped. The SFC besides issued cease and desist letters to applicable website operators requesting specified websites to cease offering for acquisition a token issued by Hong Kong DAO.

Hong Kong DAO has issued a token known arsenic HKD, which is disposable for acquisition connected its website. The SFC suspects that the entity whitethorn beryllium disseminating mendacious and misleading accusation astir itself and its concern done online channels.

Similarly, the fiscal regulator noted that Bitcuped has made mendacious claims. For example, its website shows that Laura Cha and Nicolas Aguzin service arsenic its president and main enforcement serviceman respectively, erstwhile successful information nary of them has immoderate affiliations with Bitcuped.

The Hong Kong regulator besides warned investors: “Online concern scams whitethorn impact immoderate benignant of assets and are perpetrated done aggregate channels. Those who autumn unfortunate tin endure important losses.” The SFC advises the nationalist to “be cautious astir too-good-to-be-true concern opportunities and proposal posted connected societal media platforms and via instant messaging apps, connected which they whitethorn beryllium lured to put by individuals who are not concern professionals.” The regulator concluded:

Investors should enactment vigilant and beware of fraud erstwhile making concern decisions.

What bash you deliberation astir the warnings by Hong Kong’s Securities and Futures Commission? Let america cognize successful the comments conception below.