The Securities and Futures Commission (SFC) in Hong Kong has raised concerns over potential fraudulent practices by the virtual asset platforms CBEX Group and Bitget Pro. According to a recent statement from the SFC, users are advised to exercise caution when dealing with these companies.
Today, the Securities and Futures Commission (SFC) issues a warning to the public regarding two entities, “CBEX Group” and “Bitget Pro,” which are under suspicion for engaging in fraudulent virtual asset activities. (Notes 1 and 2)
Based on several complaints from users about trouble withdrawing funds, the Securities and Futures Commission responded by investigating both companies, suspecting them of providing false withdrawal records to their clients.
SFC Moves To Block Fake Websites
The Hong Kong Securities and Futures Commission (SFC) added both companies to its watchlist and issued a caution to the public. In response to increasing scam activities, Hong Kong’s regulatory body has intensified measures to protect users from falling prey to fraudsters. Criminals may create false trading platforms that mimic the real ones to deceive unsuspecting individuals.
The Securities and Futures Commission (SFC) asked Hong Kong authorities to prevent access to suspect websites, meanwhile urging caution among residents regarding potential scams within the SFC’s area of control.
When it comes to online investments, be wary as scams can involve various types of assets and spread through numerous avenues. Consequently, investors risk significant financial losses. So, always remain cautious and be on the lookout for potential fraud before making any investment decisions.
Hong Kong Ramps Up Regulatory Efforts
In 2022, the failure of FTX marked a pivotal moment in crypto regulation history, prompting many authorities to issue fresh guidelines for crypto businesses. Notably, Hong Kong has been actively publishing regulations and engaging with industry experts on this matter.
The priority is to safeguard investors’ interests, yet the nation aspires to spearhead the web3 technology domain. A balance of regulations has drawn cryptocurrency companies to this market. This week, the country’s Securities Association proposed that self-regulation be adopted by crypto firms.
According to the statement, these sectors will experience growth as companies address similar concerns, just as they have in other areas.
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2024-04-24 00:05