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Home»ADOPTION NEWS»Hong Kong SFC warns cryptocurrency companies HongKongDAO and BitCuped of possible fraud
ADOPTION NEWS

Hong Kong SFC warns cryptocurrency companies HongKongDAO and BitCuped of possible fraud

By Crypto FlexsDecember 8, 20232 Mins Read
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Hong Kong SFC warns cryptocurrency companies HongKongDAO and BitCuped of possible fraud
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The Hong Kong Securities and Futures Commission (SFC) has issued a significant warning to two cryptocurrency companies, Hong Kong Digital Institute (HongKongDAO) and BitCuped, accused of engaging in fraudulent activities.

The Special Border Command (SFC), in collaboration with the Hong Kong Police Force, has taken steps to restrict access to the websites of the aforementioned companies. Emergency measures have been taken to protect investors and prevent investment fraud.

During our investigation into HongKongDAO, it was discovered that the company may have spread misleading material on the Internet. This information may include false claims that you have obtained licenses and authorizations to engage in regulated activities. In particular, the fact that HongKongDAO was promoting the HKD token was problematic because it appeared to be an effort to lure investors using real opportunities. For this reason the ad was very concerning.

BitCuped’s website was found to contain material misrepresentations, including misleading claims that it was linked to top Hong Kong figures Laura Cha and Nicholas Aguzin. It was determined that the information provided regarding management’s responsibilities was highly misleading and likely to mislead potential investors as to the authenticity and validity of BitCuped Corporation.

In addition to these two companies, the SFC also issued warnings to additional platforms used for virtual asset trading. Additionally, organizations such as JPEX and Hounax have been recognized as potentially dangerous because they have been spreading misinformation about credentials and business partnerships. To prevent consumers from becoming victims of fraudulent schemes, the Securities and Futures Commission (SFC) encourages the public to exercise caution when considering online investment possibilities, especially those advertised through social media and messaging platforms.

This new step is consistent with a statement the SFC issued a few months ago in October on changes to the rules governing the standards for selling and using digital currencies. By June 2024, the Securities and Futures Commission (SFC) will require all exchanges operating in Hong Kong to obtain a license to operate as a virtual asset service provider. The move was taken as part of the regulator’s efforts to strengthen consumer protection and provide a safer environment for cryptocurrency trading.

Image source: Shutterstock

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