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The Hong Kong regulator issued a statement against crypto entities. Hong Kong’s anti-crypto-entity regulator, Hong Kong’s Securities and Futures Commission (SFC), recently issued a serious warning regarding suspected fraudulent activities linked to two crypto-entities: the Hong Kong Digital Research Institute and BitCuped. In this Pooyan Music article, we will talk about this news and its details.
In a notice published on December 6, the SFC revealed that the Hong Kong police force intervened by blocking access to the websites of BitCuped and the Hong Kong Digital Research Institute, also known as HongKongDAO. The SFC highlighted concerns that these platforms may mislead users into unauthorized investments. In addition, the regulatory body issued cease and desist letters to the operators of these websites.
Expressing its suspicions about HongKongDAO’s actions, the SFC noted: “The SFC suspects that HongKongDAO may be spreading false and misleading information about itself and its business through online channels.” The regulator also drew attention to BitCuped’s website, which falsely claimed that individuals such as “Laura Cha” and “Nicolas Aguzin” held positions as president and chief executive officer, respectively. In fact, none of them have anything to do with BitCuped.
This latest move by the SFC stems from concerns that misinformation published by HongKongDAO could mislead people into thinking that the services offered are properly licensed and legitimate, possibly leading them to invest in the HKD token. Notably, the SFC clarified that Cha and Aguzin are affiliated with the Hong Kong Stock Exchange and have no affiliation with BitCuped.
Earlier in October, the SFC announced its intention to review its cryptocurrency sales policies and regulations, citing evolving market dynamics and industry feedback. As part of these updates, from June 2024, exchanges operating in Hong Kong will need to obtain a virtual asset service provider license from the SFC.
The SFC’s action underscores its commitment to curbing fraudulent activity in the crypto space and ensuring that investors are protected from misleading information and unauthorized investment schemes. It also represents a proactive stance towards increased regulation to maintain the integrity of the digital asset market in Hong Kong.
In this article we talked about the Hong Kong regulator against the crypto institution, share your views and opinions with us.
