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

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