#Hong Kong Securities and Futures Commission Names iSCAT Fraudulent#

The Securities and Futures Commission (SFC) of Hong Kong 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 its website and mobile app to investors through social media. However, the platform has not been licensed by the SFC. Under the Securities and Futures Ordinance and the Anti-Money Laundering and Terrorist Financing (Amendment) Ordinance, it is illegal to operate regulated activities or provide virtual asset services without a license in Hong Kong. On 10 January 2025, the SFC added “iSCAT” and its related websites to the list of suspicious virtual asset trading platforms, warning the public to be wary of such platforms’ fraudulent activities. In addition, the SFC has also published a list of 11 fraudulent virtual asset trading websites and urged investors to exercise caution when investing in virtual assets, choose platforms licensed by the SFC, and be aware of fraudulent activities.