Hong Kong’s Securities and Futures Commission (SFC) has taken action against two cryptocurrency websites, HongKongDAO and BitCuped, for regulatory violations. The SFC has blocked access to these websites and issued cease and desist letters to the operators. The websites were still accessible outside of Hong Kong at the time of the notice.
The SFC specifically mentioned that HongKongDAO was offering the HKD token, a cryptocurrency that has been deemed illegal due to the lack of necessary permissions. Additionally, HongKongDAO was accused of spreading false and misleading information about itself, including claims of obtaining licenses and bidding for another license related to stablecoin regulation, which the regulator denied.
BitCuped, on the other hand, falsely claimed that two individuals were executives of the company when they had no actual relationship with it. These individuals were associated with the major Hong Kong stock exchange, HKEX, which has acknowledged that BitCuped and other companies falsely claim ties to it.
This crackdown on crypto fraud is part of Hong Kong’s recent efforts to take action against fraudulent crypto firms. The SFC has initiated inquiries into other crypto exchanges, such as Hounax, and is involved in an ongoing investigation of JPEX, which allegedly caused customers to lose around $200 million in crypto through fraud. The police have made 66 arrests related to JPEX so far.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | ðŸ‡ðŸ‡° |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Hounax, HKEX, BitCuped, HongKongDAO, Hong Kong Digital Research Institute, JPEX |
| Currencies | Hong Kong Dollar |
| Securities | None |
