Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
Hong Kong Securities and Futures Commission: Fraud on virtual asset trading platforms does not mean there are major flaws in supervision

Hong Kong Securities and Futures Commission: Fraud on virtual asset trading platforms does not mean there are major flaws in supervision

Cointime2023/11/28 00:18
By: Cointime

Hong Kong Securities and Futures Commission (SFC) has included the virtual asset trading platform HOUNAX in the list of "unlicensed companies and suspicious websites" in early November. The CEO of SFC, Ashley Alder, said that the SFC received the first complaint at the end of September and started an investigation in October. Due to the time required for the investigation, it was included in the suspicious list on November 1. The SFC stated that it has received a total of 18 complaints about HOUNAX, involving amounts ranging from HKD 12,000 to HKD 10 million.

Alder said that before receiving the complaint, the SFC did not notice that HOUNAX was active in Hong Kong. She emphasized that the methods of fraudsters in virtual asset trading platforms are consistent with the common methods of "pumping and dumping" in traditional financial market products. Therefore, fraud does not mean that there are significant regulatory defects. The SFC also continues to pay attention to unlicensed trading platforms promoting on social media.

As for whether to shorten the grace period for virtual asset trading platforms to obtain licenses, Alder said that even if the grace period ends tomorrow, fraud cases will continue to occur. After balancing various factors, the SFC believes that relevant financial institutions need sufficient time to apply for licenses.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

Bitget Incentive Program: Win up to 1,100 USDT Per Week
Bitget Announcement2025/10/25 16:00
CandyBomb x MET: Trade futures to share 20,000 MET!
Bitget Announcement2025/10/24 09:00

Trending news

More
1
CandyBomb x COMMON: Trade futures to share 1,111,111 COMMON!
2
Stock Futures Rush(Phase 3): Trade popular stock futures and share $200,000 in equivalent MSTR tokenized shares. Each user can get up to $8,000 MSTR.

Crypto prices

More
Bitcoin
Bitcoin
BTC
$115,753.3
+1.95%
Ethereum
Ethereum
ETH
$4,231.11
+3.93%
Tether USDt
Tether USDt
USDT
$1
+0.00%
XRP
XRP
XRP
$2.69
+2.47%
BNB
BNB
BNB
$1,152.02
+2.10%
Solana
Solana
SOL
$203.03
+1.85%
USDC
USDC
USDC
$0.9999
+0.02%
Dogecoin
Dogecoin
DOGE
$0.2054
+1.31%
TRON
TRON
TRX
$0.3003
+0.25%
Cardano
Cardano
ADA
$0.6833
+1.12%
How to buy BTC
Bitget lists BTC – Buy or sell BTC quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter