#Hong Kong Securities and Futures Commission names iSCAT#

The Hong Kong Securities and Futures Commission (SFC) recently named iSCAT as a suspicious virtual asset trading platform and published a list of 11 fraudulent virtual asset trading websites. iSCAT claimed to operate in Hong Kong, providing cryptocurrency trading services and promoting investor access to its website and mobile application through social media. However, the platform was not licensed by the SFC. Operating regulated activities or providing virtual asset services in Hong Kong without a license is illegal under the Securities and Futures Ordinance and the Anti-Money Laundering and Terrorist Financing (Amendment) Ordinance 2018. The SFC added "iSCAT" and related websites to its list of suspicious virtual asset trading platforms on January 10, 2025, and warned the public to be wary of the platform. In addition, the SFC announced that licensed virtual asset trading platform Hash Blockchain Limited had reported 11 websites as fraudulent, reminding investors to be aware of the risks and choose legitimate licensed platforms for trading.