Hong Kong Securities and Futures Commission: Certain Unlicensed Virtual Asset Trading Platforms Use Improper Business Practices

Odaily Planet Daily News The Hong Kong Securities and Futures Commission issued a document stating that it has observed that some unlicensed virtual asset trading platforms have used improper business practices, including falsely claiming that they have submitted applications to the Securities Regulatory Commission and not complying with the requirements of the Securities Regulatory Commission. Virtual asset trading platforms, established companies operating unlicensed virtual asset trading platforms in Hong Kong. The Securities and Futures Commission of Hong Kong has warned that certain unlicensed virtual asset trading platforms are misleading the public by falsely claiming that they have submitted license applications to the SFC. Other unlicensed virtual asset trading platforms may have publicly announced their intention to apply for a license from the SFC. Most virtual asset trading platforms currently accessible to the public are unregulated. When a virtual asset trading platform is approved to provide services to retail investors, it will update the list of virtual asset trading platforms published on its website. The Securities and Futures Commission has once again warned investors to beware of the risks of buying and selling virtual assets on unregulated virtual asset trading platforms. If the virtual asset trading platform ceases to operate, closes down, is hacked or any assets are misappropriated, investors may face the risk of losing all investments held on the platform. If in doubt about the licensing status of any virtual asset trading platform, please refer to the SFC's list of virtual asset trading platforms.