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»BITCOIN NEWS»Hong Kong regulators label Floki Protocol’s staking product as ‘suspicious’
BITCOIN NEWS

Hong Kong regulators label Floki Protocol’s staking product as ‘suspicious’

By Crypto FlexsJanuary 28, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Hong Kong regulators label Floki Protocol’s staking product as ‘suspicious’
Share
Facebook Twitter LinkedIn Pinterest Email

Hong Kong’s Securities and Futures Commission (SFC) has issued a stern warning to the public about two staking products called “Floki Stake Program” and “TokenFi Stake Program.” Both staking products described by financial regulators as “suspicious” are related to the Floki protocol.

Hong Kong’s SFC issues warning on staking

The SFC noted in a press release that the Floki staking program and the TokenFi staking program claim to offer “high return targets ranging from 30% to over 100% per annum.” However, the regulator emphasized that neither cryptocurrency product has yet been approved in Hong Kong.

Staking is a way for cryptocurrency holders to earn rewards while supporting blockchain operations. Owners earn more cryptocurrency when they send their cryptocurrency assets to be locked in a staking pool for a certain period of time.

According to the SFC, the Floki protocol has not satisfactorily demonstrated how its staking program can achieve its high annual return targets. Accordingly, the Financial Supervisory Service added the product to the warning list of suspicious investment products on Friday, January 26th.

The SFC also issued a stern warning to investors against ‘staking’ contracts involving digital assets. This is because it poses high risk and may result in unauthorized collective investment schemes. The financial regulator added:

Investors should also be wary of investment products that claim to offer returns that are “too good to be true” and should exercise caution when making investment decisions.

Ultimately, the SFC strengthened its commitment to meeting regulatory standards and protecting the Hong Kong public from fraudulent activities.

Floki Team Addresses ‘Suspicious Product’ Claims

On Saturday, January 27th, the Floki team covered the SFC’s statement on staking products in the weekly recap space on the X platform. Protocol indicated it was in talks with Hong Kong regulators on the matter.

It did not elaborate on the details of its discussions with the Securities and Futures Commission, but did mention that it would work with a marketing agency to launch the promotion. Among staking products. Protocol claims it believed it had received approval after the marketing agency had secured the media space.

The Floki team noted that it could not confirm whether future marketing campaigns for the Floki staking program and TokenFi staking program would continue in Hong Kong. However, the protocol promised investors that it would implement all necessary provisions with regulators.

At the time of this writing, the value of the Floki Inu token is $0.00002922, reflecting a price increase of 1.1% over the past day.

Floki price hovers around $0.00003 on the daily timeframe | Source: FLOKIUSDT chart on TradingView

Featured image from Unsplash, chart from TradingView

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Cardano is 4% away, saying that Hoskinson will break the Internet.

September 21, 2025

France can break the EU password market with ‘atomic weapons’.

September 15, 2025

Expect what XRP ETF is approved by the SEC

September 9, 2025
Add A Comment

Comments are closed.

Recent Posts

Is Etherrium the price of more than $ 4,000 in 2,589 ETH 24 hours?

September 27, 2025

YouTube Star MR BEAST Scoops 3 Days Purchase SPREE ASTER in SPREE

September 27, 2025

Linea Price Spikes 14% as Swift selects Linea for the pilot

September 27, 2025

Futuromining Reaches $5,700 Daily Income Milestone For XRP Users

September 26, 2025

CoinFerenceX 2025 Unites Global Web3 Innovators In Singapore On September 29

September 26, 2025

Pepeto Highlights $6.8M Presale Amid Ethereum’s Price Moves And Opportunities

September 26, 2025

LYS Labs Moves Beyond Data And Aims To Become The Operating System For Automated Global Finance

September 26, 2025

Dexari Unveils $1M Cash Prize Trading Competition

September 26, 2025

How to solve the XPL perp defect

September 26, 2025

Detect the full execution bug with the induction pursing of Wake

September 25, 2025

KuCoin Appeals FINTRAC Decision, Reaffirms Commitment To Compliance

September 25, 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

Is Etherrium the price of more than $ 4,000 in 2,589 ETH 24 hours?

September 27, 2025

YouTube Star MR BEAST Scoops 3 Days Purchase SPREE ASTER in SPREE

September 27, 2025

Linea Price Spikes 14% as Swift selects Linea for the pilot

September 27, 2025
Most Popular

Will the ADA price reach $1 in 2024? Here are ChatGPT’s predictions:

February 4, 2024

Will Solana Fall to $85 Again? Key Indicators Show Warning Signs

September 23, 2024

Watch These 3 BTC Price Levels If Bitcoin Drops Below $55,000

September 6, 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.