The Securities and Futures Fee (SFC) of Hong Kong has issued a ultimatum homogeneous to suspected fraud involving crypto entities Hong Kong Virtual Analysis Institute and BitCuped.
In a Dec. 6 realize, the SFC stated the Hong Kong Police Drive had cancelled get admission to to the internet sites of BitCuped and Hong Kong Virtual Analysis Institute — often referred to as HongKongDAO — claiming customers might be fooled into making illegitimate investments. The regulator additionally issued cease-and-desist letters to the corporations’ site operators.
“The SFC suspects HongKongDAO may be disseminating false and misleading information about itself and its business through online channels,” stated the Dec. 6 realize. “The SFC notes that BitCuped claims on its website that ‘Laura Cha’ and ‘Nicolas Aguzin’ serve as its Chairman and Chief Executive Officer respectively, when in fact none of them has any affiliations with BitCuped.”
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Consistent with the SFC, the “misleading” knowledge homogeneous to HongKongDAO may just inspire people to imagine its services and products had been “properly licensed and legitimate” and spend money on the HKD token. The securities regulatory added that Cha and Aguzin had been executives with the Retain Alternate of Hong Kong instead than attached to BitCuped.
In October, the SFC introduced it deliberate to replace its insurance policies on virtual forex gross sales and necessities, bringing up marketplace trends and business comments. Founding in June 2024, exchanges running inside Hong Kong should have a digital asset provider supplier license with the SFC.
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