Hong Kong Warns against Unlicensed Crypto Exchange Sure X

Hong Kong Warns against Unlicensed Crypto Exchange Sure X

Time Stamp: April 5, 2024 11:49 AM
Hong Kong Warns against Unlicensed Crypto Exchange Sure X PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Hong Kong’s financial regulator has warned the public about an unlicensed virtual asset trading platform that is suspected of marketing services to investors without proper authorization. The Securities and Futures Commission (SFC) cautioned
investors against trading on Sure X, highlighting the risks of potential losses
due to platform failure, hacking, or misappropriation of assets.

Sure X is a virtual asset trading platform operating
under various names, such as “Sure Bit International Pte Ltd” or “Sure Bit
International Ltd”. The SFC warned that investors might still find ways to
access Sure X’s websites and trading platform despite appearing to be
inaccessible.

The regulator wrote: “While Sure X’s platform websites
appear to be inaccessible, the SFC notes that Hong Kong investors, through
other means via the internet, may still be able to access the websites and/or
the purported trading platform and register as new users.”

Source: SFC

Last month, the SFC raised concerns over two other cryptocurrency trading platforms, HKCEXP and EDY, due to suspected
fraudulent activities. According to a report by Finance Magnates, the regulator’s investigation revealed that EDY falsely claimed affiliation with a financial institution in Hong Kong and a digital token system.

Moreover, investors
reported difficulties withdrawing funds from the platform, indicating potential
malpractice. Similarly, HKCEXP is suspected of operating with a fake Hong Kong
address and falsely presenting itself as an “SFC-registered company”. Thus, the securities watchdog warned investors against paying hefty fees to the platform to facilitate withdrawals.

Hong Kong Tightens Crypto Regulations

Additionally, the SFC warned about Bybit, a
cryptocurrency exchange purportedly operating without the necessary licensing in Hong Kong.
The regulator mentioned that Bybit’s suspected unauthorized products, including
futures contracts and leveraged tokens, pose significant financial risks to
investors.

In the aftermath of the scandal involving JPEX, the
SFC is taking decisive action to safeguard investors. The regulator has rolled out a
comprehensive set of measures aimed at enhancing transparency, bolstering
public awareness, and tightening regulations surrounding crypto trading
platforms.

Hong Kong’s foray into retail cryptocurrency trading
in June 2023 brought with it a surge in opportunities for investors. However,
it also exposed vulnerabilities in the regulatory framework, particularly
regarding unlicensed trading platforms.

To address this, the SFC published a detailed
list of licensed Virtual Asset Trading Platforms on its website. Besides that, the watchdog is conducting a public awareness campaign to educate
individuals about protecting themselves from potential fraud.

Hong Kong’s financial regulator has warned the public about an unlicensed virtual asset trading platform that is suspected of marketing services to investors without proper authorization. The Securities and Futures Commission (SFC) cautioned
investors against trading on Sure X, highlighting the risks of potential losses
due to platform failure, hacking, or misappropriation of assets.

Sure X is a virtual asset trading platform operating
under various names, such as “Sure Bit International Pte Ltd” or “Sure Bit
International Ltd”. The SFC warned that investors might still find ways to
access Sure X’s websites and trading platform despite appearing to be
inaccessible.

The regulator wrote: “While Sure X’s platform websites
appear to be inaccessible, the SFC notes that Hong Kong investors, through
other means via the internet, may still be able to access the websites and/or
the purported trading platform and register as new users.”

Source: SFC

Last month, the SFC raised concerns over two other cryptocurrency trading platforms, HKCEXP and EDY, due to suspected
fraudulent activities. According to a report by Finance Magnates, the regulator’s investigation revealed that EDY falsely claimed affiliation with a financial institution in Hong Kong and a digital token system.

Moreover, investors
reported difficulties withdrawing funds from the platform, indicating potential
malpractice. Similarly, HKCEXP is suspected of operating with a fake Hong Kong
address and falsely presenting itself as an “SFC-registered company”. Thus, the securities watchdog warned investors against paying hefty fees to the platform to facilitate withdrawals.

Hong Kong Tightens Crypto Regulations

Additionally, the SFC warned about Bybit, a
cryptocurrency exchange purportedly operating without the necessary licensing in Hong Kong.
The regulator mentioned that Bybit’s suspected unauthorized products, including
futures contracts and leveraged tokens, pose significant financial risks to
investors.

In the aftermath of the scandal involving JPEX, the
SFC is taking decisive action to safeguard investors. The regulator has rolled out a
comprehensive set of measures aimed at enhancing transparency, bolstering
public awareness, and tightening regulations surrounding crypto trading
platforms.

Hong Kong’s foray into retail cryptocurrency trading
in June 2023 brought with it a surge in opportunities for investors. However,
it also exposed vulnerabilities in the regulatory framework, particularly
regarding unlicensed trading platforms.

To address this, the SFC published a detailed
list of licensed Virtual Asset Trading Platforms on its website. Besides that, the watchdog is conducting a public awareness campaign to educate
individuals about protecting themselves from potential fraud.

Time Stamp:

More from Finance Magnates