Hong Kong SFC warns users fraud for two platforms

Hong Kong’s Securities and Futures Commission (SFC) has issued a warning about potential fraud associated with two crypto platforms, Hong Kong Digital Research Institute and BitCuped. The SFC has taken action to block access to these platforms and has issued cease and desist letters to halt their activities. The regulator has raised concerns that users could be lured into deceptive investment schemes promoted by these platforms. The SFC also highlighted that HongKongDAO may be spreading false and misleading information. The promotion of the HKD token as an investment opportunity and false claims about the platform’s leadership were among the fraudulent activities identified by the SFC. This cautionary move by the regulatory body aims to protect investors from potential scams and unauthorised investment activities that exploit misleading online narratives. The SFC has been updating its policies related to digital currency sales and requirements to enhance consumer protection and create a more secure environment for cryptocurrency transactions. As the crypto landscape continues to evolve, it is crucial for investors to exercise caution and conduct thorough due diligence before engaging with any crypto platforms.