Hong Kong’s monetary regulator has issued a warning
to the general public concerning an unlicensed digital asset buying and selling platform that’s
suspected of promoting companies to buyers with out correct authorization. The Securities and Futures Fee (SFC) cautioned
buyers towards buying and selling on Positive X, highlighting the dangers of potential losses
because of platform failure, hacking, or misappropriation of property.
Positive X is a digital asset buying and selling platform working
beneath varied names, equivalent to “Positive Bit Worldwide Pte Ltd” or “Positive Bit
Worldwide Ltd”. The SFC warned that buyers would possibly nonetheless discover methods to
entry Positive X’s web sites and buying and selling platform regardless of showing to be
inaccessible.
The SFC wrote: “Whereas Positive X’s platform web sites
look like inaccessible, the SFC notes that Hong Kong buyers, by way of
different means by way of the web, should still be capable of entry the web sites and/or
the purported buying and selling platform and register as new customers.”
Supply: SFC
Final month, the SFC raised issues over two different cryptocurrency buying and selling platforms, HKCEXP and EDY, because of suspicions of
fraudulent actions.
Based on a report by Finance Magnates, the SFC’s
investigations revealed that EDY falsely claims affiliation with a Hong Kong
monetary establishment and a digital token system. Furthermore, buyers
reported difficulties withdrawing funds from the platform, indicating potential
malpractice.
Equally, HKCEXP operates with a faux Hong Kong
deal with and falsely presents itself as an “SFC-registered firm.”
Thus, the securities watchdog warned buyers towards paying hefty charges to the platform beneath
the pretext of facilitating withdrawals.
Hong Kong Tightens Crypto Laws
Moreover, the SFC warned about Bybit, a
cryptocurrency change purportedly working with out the required licensing in Hong Kong.
The regulator talked about that Bybit’s suspected unauthorized merchandise, together with
futures contracts and leveraged tokens, pose important monetary dangers to
buyers.
Within the aftermath of the scandal involving JPEX, the
SFC is taking decisive motion to safeguard buyers. The regulator has rolled out a
complete set of measures geared toward enhancing transparency, bolstering
public consciousness, and tightening laws surrounding crypto buying and selling
platforms.
Hong Kong’s foray into retail cryptocurrency buying and selling
in June 2023 introduced with it a surge in alternatives for buyers. Nonetheless,
it additionally uncovered vulnerabilities within the regulatory framework, significantly
concerning unlicensed buying and selling platforms.
To deal with this, the SFC printed an in depth
listing of licensed Digital Asset Buying and selling Platforms on its web site.
Moreover, the watchdog is conducting a public consciousness marketing campaign to teach
people about defending themselves from potential fraud.
Hong Kong’s monetary regulator has issued a warning
to the general public concerning an unlicensed digital asset buying and selling platform that’s
suspected of promoting companies to buyers with out correct authorization. The Securities and Futures Fee (SFC) cautioned
buyers towards buying and selling on Positive X, highlighting the dangers of potential losses
because of platform failure, hacking, or misappropriation of property.
Positive X is a digital asset buying and selling platform working
beneath varied names, equivalent to “Positive Bit Worldwide Pte Ltd” or “Positive Bit
Worldwide Ltd”. The SFC warned that buyers would possibly nonetheless discover methods to
entry Positive X’s web sites and buying and selling platform regardless of showing to be
inaccessible.
The SFC wrote: “Whereas Positive X’s platform web sites
look like inaccessible, the SFC notes that Hong Kong buyers, by way of
different means by way of the web, should still be capable of entry the web sites and/or
the purported buying and selling platform and register as new customers.”
Supply: SFC
Final month, the SFC raised issues over two different cryptocurrency buying and selling platforms, HKCEXP and EDY, because of suspicions of
fraudulent actions.
Based on a report by Finance Magnates, the SFC’s
investigations revealed that EDY falsely claims affiliation with a Hong Kong
monetary establishment and a digital token system. Furthermore, buyers
reported difficulties withdrawing funds from the platform, indicating potential
malpractice.
Equally, HKCEXP operates with a faux Hong Kong
deal with and falsely presents itself as an “SFC-registered firm.”
Thus, the securities watchdog warned buyers towards paying hefty charges to the platform beneath
the pretext of facilitating withdrawals.
Hong Kong Tightens Crypto Laws
Moreover, the SFC warned about Bybit, a
cryptocurrency change purportedly working with out the required licensing in Hong Kong.
The regulator talked about that Bybit’s suspected unauthorized merchandise, together with
futures contracts and leveraged tokens, pose important monetary dangers to
buyers.
Within the aftermath of the scandal involving JPEX, the
SFC is taking decisive motion to safeguard buyers. The regulator has rolled out a
complete set of measures geared toward enhancing transparency, bolstering
public consciousness, and tightening laws surrounding crypto buying and selling
platforms.
Hong Kong’s foray into retail cryptocurrency buying and selling
in June 2023 introduced with it a surge in alternatives for buyers. Nonetheless,
it additionally uncovered vulnerabilities within the regulatory framework, significantly
concerning unlicensed buying and selling platforms.
To deal with this, the SFC printed an in depth
listing of licensed Digital Asset Buying and selling Platforms on its web site.
Moreover, the watchdog is conducting a public consciousness marketing campaign to teach
people about defending themselves from potential fraud.
