Hong Kong’s monetary regulator has warned the general public about an unlicensed digital asset buying and selling platform that’s suspected of promoting companies to buyers with out correct authorization. The Securities and Futures Fee (SFC) cautioned
buyers towards buying and selling on Positive X, highlighting the dangers of potential losses
attributable to platform failure, hacking, or misappropriation of property.
Positive X is a digital asset buying and selling platform working
beneath numerous names, equivalent to “Positive Bit Worldwide Pte Ltd” or “Positive Bit
Worldwide Ltd”. The SFC warned that buyers may nonetheless discover methods to
entry Positive X’s web sites and buying and selling platform regardless of showing to be
inaccessible.
The regulator wrote: “Whereas Positive X’s platform web sites
seem like inaccessible, the SFC notes that Hong Kong buyers, by means of
different means through the web, should still be capable to entry the web sites and/or
the purported buying and selling platform and register as new customers.”
Supply: SFC
Final month, the SFC raised concerns over two different cryptocurrency buying and selling platforms, HKCEXP and EDY, attributable to suspected
fraudulent actions. Based on a report by Finance Magnates, the regulator’s investigation revealed that EDY falsely claimed affiliation with a monetary establishment in Hong Kong and a digital token system.
Furthermore, buyers
reported difficulties withdrawing funds from the platform, indicating potential
malpractice. Equally, HKCEXP is suspected of working with a pretend Hong Kong
deal with and falsely presenting itself as an “SFC-registered firm”. Thus, the securities watchdog warned buyers towards paying hefty charges to the platform to facilitate withdrawals.
Hong Kong Tightens Crypto Rules
Moreover, the SFC warned about Bybit, a
cryptocurrency alternate purportedly working with out the required licensing in Hong Kong.
The regulator talked about that Bybit’s suspected unauthorized merchandise, together with
futures contracts and leveraged tokens, pose vital monetary dangers to
buyers.
Within the aftermath of the scandal involving JPEX, the
SFC is taking decisive motion to safeguard buyers. The regulator has rolled out a
complete set of measures aimed toward enhancing transparency, bolstering
public consciousness, and tightening rules surrounding crypto buying and selling
platforms.
Hong Kong’s foray into retail cryptocurrency buying and selling
in June 2023 introduced with it a surge in alternatives for buyers. Nevertheless,
it additionally uncovered vulnerabilities within the regulatory framework, notably
concerning unlicensed buying and selling platforms.
To deal with this, the SFC printed an in depth
listing of licensed Digital Asset Buying and selling Platforms on its web site. In addition to that, the watchdog is conducting a public consciousness marketing campaign to teach
people about defending themselves from potential fraud.
Hong Kong’s monetary regulator has warned the general public about an unlicensed digital asset buying and selling platform that’s suspected of promoting companies to buyers with out correct authorization. The Securities and Futures Fee (SFC) cautioned
buyers towards buying and selling on Positive X, highlighting the dangers of potential losses
attributable to platform failure, hacking, or misappropriation of property.
Positive X is a digital asset buying and selling platform working
beneath numerous names, equivalent to “Positive Bit Worldwide Pte Ltd” or “Positive Bit
Worldwide Ltd”. The SFC warned that buyers may nonetheless discover methods to
entry Positive X’s web sites and buying and selling platform regardless of showing to be
inaccessible.
The regulator wrote: “Whereas Positive X’s platform web sites
seem like inaccessible, the SFC notes that Hong Kong buyers, by means of
different means through the web, should still be capable to entry the web sites and/or
the purported buying and selling platform and register as new customers.”
Supply: SFC
Final month, the SFC raised concerns over two different cryptocurrency buying and selling platforms, HKCEXP and EDY, attributable to suspected
fraudulent actions. Based on a report by Finance Magnates, the regulator’s investigation revealed that EDY falsely claimed affiliation with a monetary establishment in Hong Kong and a digital token system.
Furthermore, buyers
reported difficulties withdrawing funds from the platform, indicating potential
malpractice. Equally, HKCEXP is suspected of working with a pretend Hong Kong
deal with and falsely presenting itself as an “SFC-registered firm”. Thus, the securities watchdog warned buyers towards paying hefty charges to the platform to facilitate withdrawals.
Hong Kong Tightens Crypto Rules
Moreover, the SFC warned about Bybit, a
cryptocurrency alternate purportedly working with out the required licensing in Hong Kong.
The regulator talked about that Bybit’s suspected unauthorized merchandise, together with
futures contracts and leveraged tokens, pose vital monetary dangers to
buyers.
Within the aftermath of the scandal involving JPEX, the
SFC is taking decisive motion to safeguard buyers. The regulator has rolled out a
complete set of measures aimed toward enhancing transparency, bolstering
public consciousness, and tightening rules surrounding crypto buying and selling
platforms.
Hong Kong’s foray into retail cryptocurrency buying and selling
in June 2023 introduced with it a surge in alternatives for buyers. Nevertheless,
it additionally uncovered vulnerabilities within the regulatory framework, notably
concerning unlicensed buying and selling platforms.
To deal with this, the SFC printed an in depth
listing of licensed Digital Asset Buying and selling Platforms on its web site. In addition to that, the watchdog is conducting a public consciousness marketing campaign to teach
people about defending themselves from potential fraud.
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