The Securities and Futures Fee (SFC) of Hong Kong has issued a warning associated to suspected fraud involving crypto entities Hong Kong Digital Analysis Institute and BitCuped.
In a Dec. 6 discover, the SFC mentioned the Hong Kong Police Drive had blocked entry to the web sites of BitCuped and Hong Kong Digital Analysis Institute — also referred to as HongKongDAO — claiming customers may very well be fooled into making illegitimate investments. The regulator additionally issued stop and desist letters to the corporations’ web site operators.
“The SFC suspects HongKongDAO could also be disseminating false and deceptive details about itself and its enterprise via on-line channels,” mentioned the Dec. 6 discover. “The SFC notes that BitCuped claims on its web site that ‘Laura Cha’ and ‘Nicolas Aguzin’ function its Chairman and Chief Government Officer respectively, when in actual fact none of them has any affiliations with BitCuped.”
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Based on the SFC, the “deceptive” info associated to HongKongDAO might encourage people to imagine its providers have been “correctly licensed and bonafide” and put money into the HKD token. The securities regulatory added that Cha and Aguzin have been executives with the Inventory Change of Hong Kong somewhat than related to BitCuped.
In October, the SFC introduced it deliberate to replace its insurance policies on digital forex gross sales and necessities, citing market developments and trade suggestions. Beginning in June 2024, exchanges working inside Hong Kong should have a digital asset service supplier license with the SFC.
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