Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»TRADING NEWS»Hong Kong bans two cryptocurrency sites that mislead investors
TRADING NEWS

Hong Kong bans two cryptocurrency sites that mislead investors

By Crypto FlexsDecember 7, 20232 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Hong Kong bans two cryptocurrency sites that mislead investors
Share
Facebook Twitter LinkedIn Pinterest Email
  • Hong Kong’s Securities and Futures Commission (SFC) has banned two cryptocurrency websites citing fraudulent users.
  • HongKongDAO and BitCuped were blocked after joint efforts by police and internet providers.
  • The two incidents come not long after investors lost more than HKD 1.6 billion ($204 million) on JPEX and Hounax.

Hong Kong’s Securities and Futures Commission (SFC) has reportedly banned two cryptocurrency websites for allegedly defrauding investors.

The South China Morning Post reported Wednesday that the HongKongDAO and BitCuped sites were blacklisted by the securities watchdog after authorities were informed that they were misleading investors. It was reported that .

HongKDAO promotes “HKD” token

According to the SCMP, Hong Kong regulators discovered that HongKongDAO had tricked users into purchasing tokens called “HKD.” The platform also provided users with false assurances that it had applied for licenses from the SFC and the government.

HongKongDAO has reportedly been on the SFC’s radar since November 24 and was found to have two chat groups. The Chinese chat group had over 10,000 members, and the English chat group had over 1,700 members. The project ostensibly promoted HKD as a token with enormous market value.

Regulators worked with police and internet service providers to block the HongKongDAO website. The SFC also sent cease-and-desist notices to cryptocurrency trading platforms, asking them to stop trading tokens linked to HongKongDAO.

BitCuped misrepresented a Hong Kong exchange official as its owner.

Meanwhile, BitCuped misled investors by falsely listing Hong Kong Exchanges and Clearing (HKEX) Chairman Laura Cha and CEO Nicolas Aguzin as platform affiliates. The SFC noted that neither individual had any connection to BitCuped.

The site misled investors by claiming to offer cryptocurrency and stock trading services, regulators said. It was blacklisted on November 10th.

Both sites were banned for scamming investors, but the SFC did not disclose how many people were victims or the total amount of losses. A police investigation is ongoing, SMCP said.

Hong Kong regulators and law enforcement agencies have recently been stepping up efforts to prevent fraud, such as those involving cryptocurrency platforms Hounax and JPEX. In both incidents, fraudsters stole more than HK$1.6 billion ($204 million) from victims.

Last August, the SFC warned cryptocurrency platforms and exchanges against misleading investors with false claims about their registration status. The regulator also warned suppliers against offering products and services that are not registered or approved by the commission.


Share this article

category

tag

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Why experts say that 99%of the traders are wrong

September 4, 2025

TOKEN2049 Singapore stops all records with the world’s largest Web3 event with 25,000 attendees in unprecedented demand.

September 3, 2025

Korean sleeves cut Tesla and pivot with encryption stocks.

September 2, 2025
Add A Comment

Comments are closed.

Recent Posts

Web3 Enabler Announces Blockchain Payments V3.1 At Northeast Dreamin In Boston

September 4, 2025

Is XRP The Dark Horse Of The Cryptocurrency World? Earn 652 XRP Daily Using Invro Mining’s Smart Contract

September 4, 2025

TRX Was Early, ETH Set The Standard, BNB Built The Scale- Now SYC Brings The Next Evolution

September 4, 2025

Sign Up And Receive $500 Bonus, Ushering In A New Era Of Compliant And Secure Crypto Investment

September 4, 2025

Why experts say that 99%of the traders are wrong

September 4, 2025

ChainUp Named Double Finalist At Thomson Reuters’ ALB Pan-Asian Regulatory Awards 2025

September 4, 2025

Integrated security classes can accelerate the adoption of institutional passwords.

September 4, 2025

Binance explodes 466m LUNC with oblivion: revival play or special effect?

September 4, 2025

Cardano founder says Chainlink quotes ‘ridiculous price’ to them.

September 3, 2025

Acurast launches ‘Staked Compute’ and challenges AWS, Azure and Google Cloud using the distributed smartphone network.

September 3, 2025

Solana-packee blockchain manually spreads

September 3, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Web3 Enabler Announces Blockchain Payments V3.1 At Northeast Dreamin In Boston

September 4, 2025

Is XRP The Dark Horse Of The Cryptocurrency World? Earn 652 XRP Daily Using Invro Mining’s Smart Contract

September 4, 2025

TRX Was Early, ETH Set The Standard, BNB Built The Scale- Now SYC Brings The Next Evolution

September 4, 2025
Most Popular

Robinhood’s Bitcoin holdings exceed $9.5 billion, third only to Bitfinex and Binance.

April 8, 2024

Scam Tactics Revealed: ‘Too Good to Be True’ by Guardian Papers

June 22, 2024

What is Phantom Wallet?

July 12, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.