#Hong Kong Securities and Futures Commission names fraudulent platform#
Hot Topic Overview
Overview
The Hong Kong Securities and Futures Commission (SFC) has recently named a virtual asset trading platform called "iSCAT" and added it to its warning list of suspicious virtual asset trading platforms. The platform claims to operate in Hong Kong, offering cryptocurrency trading services, and promotes investor access to its website and mobile application for investment through social media. However, the platform has not been licensed by the SFC and it is illegal to operate regulated activities or provide virtual asset services in Hong Kong without a license. In addition, the SFC has also published a list of 11 fraudulent virtual asset trading websites, warning investors to be wary of risks.
Ace Hot Topic Analysis
Analysis
The Securities and Futures Commission (SFC) of Hong Kong has recently named a virtual asset trading platform called International Standard Carbon Assets Technology Co., Limited, also known as “iSCAT” or “iSCAT Exchange”, as an unlicensed platform and added it to its warning list of suspicious virtual asset trading platforms. The SFC states that “iSCAT” claimed to operate in Hong Kong, providing cryptocurrency trading services and promoting investment through its website and mobile application via social media. However, the platform has not been licensed by the SFC, and under the Securities and Futures Ordinance and the Anti-Money Laundering and Terrorist Financing (Amendment) Ordinance 2018, it is illegal to operate regulated activities or provide virtual asset services without a licence in Hong Kong. In addition, the SFC has also published a list of 11 fraudulent websites reported by licensed virtual asset trading platform Hash Blockchain Limited, warning the public to be wary of these sites. The SFC’s actions demonstrate its strengthened crackdown on unlicensed virtual asset trading platforms, reminding investors to exercise caution when investing in virtual assets, choose licensed platforms, and be aware of the risk of scams.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Hong Kong Securities and Futures Commission reminds the public to beware of unlicensed virtual asset trading platforms and has included them on its list of suspicious platforms.
Operating regulated activities or providing virtual asset services without a license is illegal in Hong Kong.
iSCAT claims to operate in Hong Kong but has not been licensed by the SFC.
The Hong Kong Securities and Futures Commission has included iSCAT and related websites on its list of suspicious virtual asset trading platforms.