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HomeCryptocurrencyHong Kong Warns in opposition to Unlicensed Crypto Trade Positive X

Hong Kong Warns in opposition to Unlicensed Crypto Trade Positive X


Hong Kong’s monetary regulator has issued a warning
to the general public relating to an unlicensed digital asset buying and selling platform that’s
suspected of selling companies to traders with out correct authorization. The Securities and Futures Fee (SFC) cautioned
traders in opposition to buying and selling on Positive X, highlighting the dangers of potential losses
as a result of platform failure, hacking, or misappropriation of property.

Positive X is a digital asset buying and selling platform working
beneath numerous names, akin to “Positive Bit Worldwide Pte Ltd” or “Positive Bit
Worldwide Ltd”. The SFC warned that traders would possibly nonetheless discover methods to
entry Positive X’s web sites and buying and selling platform regardless of showing to be
inaccessible.

The SFC wrote: “Whereas Positive X’s platform web sites
look like inaccessible, the SFC notes that Hong Kong traders, by means of
different means by way of the web, should still be capable to entry the web sites and/or
the purported buying and selling platform and register as new customers.”

Supply: SFC

Final month, the SFC raised issues over two different cryptocurrency buying and selling platforms, HKCEXP and EDY, as a result of suspicions of
fraudulent actions.

In keeping with a report by Finance Magnates, the SFC’s
investigations revealed that EDY falsely claims affiliation with a Hong Kong
monetary establishment and a digital token system. Furthermore, traders
reported difficulties withdrawing funds from the platform, indicating potential
malpractice.

Equally, HKCEXP operates with a pretend Hong Kong
handle and falsely presents itself as an “SFC-registered firm.”
Thus, the securities watchdog warned traders in opposition to paying hefty charges to the platform beneath
the pretext of facilitating withdrawals.

Hong Kong Tightens Crypto Rules

Moreover, the SFC warned about Bybit, a
cryptocurrency alternate purportedly working with out the mandatory licensing in Hong Kong.
The regulator talked about that Bybit’s suspected unauthorized merchandise, together with
futures contracts and leveraged tokens, pose vital monetary dangers to
traders.

Within the aftermath of the scandal involving JPEX, the
SFC is taking decisive motion to safeguard traders. The regulator has rolled out a
complete set of measures geared toward enhancing transparency, bolstering
public consciousness, and tightening laws surrounding crypto buying and selling
platforms.

Hong Kong’s foray into retail cryptocurrency buying and selling
in June 2023 introduced with it a surge in alternatives for traders. Nevertheless,
it additionally uncovered vulnerabilities within the regulatory framework, significantly
relating to unlicensed buying and selling platforms.

To handle this, the SFC revealed an in depth
record of licensed Digital Asset Buying and selling Platforms on its web site.
Moreover, the watchdog is conducting a public consciousness marketing campaign to teach
people about defending themselves from potential fraud.

Hong Kong’s monetary regulator has issued a warning
to the general public relating to an unlicensed digital asset buying and selling platform that’s
suspected of selling companies to traders with out correct authorization. The Securities and Futures Fee (SFC) cautioned
traders in opposition to buying and selling on Positive X, highlighting the dangers of potential losses
as a result of platform failure, hacking, or misappropriation of property.

Positive X is a digital asset buying and selling platform working
beneath numerous names, akin to “Positive Bit Worldwide Pte Ltd” or “Positive Bit
Worldwide Ltd”. The SFC warned that traders would possibly nonetheless discover methods to
entry Positive X’s web sites and buying and selling platform regardless of showing to be
inaccessible.

The SFC wrote: “Whereas Positive X’s platform web sites
look like inaccessible, the SFC notes that Hong Kong traders, by means of
different means by way of the web, should still be capable to entry the web sites and/or
the purported buying and selling platform and register as new customers.”

Supply: SFC

Final month, the SFC raised issues over two different cryptocurrency buying and selling platforms, HKCEXP and EDY, as a result of suspicions of
fraudulent actions.

In keeping with a report by Finance Magnates, the SFC’s
investigations revealed that EDY falsely claims affiliation with a Hong Kong
monetary establishment and a digital token system. Furthermore, traders
reported difficulties withdrawing funds from the platform, indicating potential
malpractice.

Equally, HKCEXP operates with a pretend Hong Kong
handle and falsely presents itself as an “SFC-registered firm.”
Thus, the securities watchdog warned traders in opposition to paying hefty charges to the platform beneath
the pretext of facilitating withdrawals.

Hong Kong Tightens Crypto Rules

Moreover, the SFC warned about Bybit, a
cryptocurrency alternate purportedly working with out the mandatory licensing in Hong Kong.
The regulator talked about that Bybit’s suspected unauthorized merchandise, together with
futures contracts and leveraged tokens, pose vital monetary dangers to
traders.

Within the aftermath of the scandal involving JPEX, the
SFC is taking decisive motion to safeguard traders. The regulator has rolled out a
complete set of measures geared toward enhancing transparency, bolstering
public consciousness, and tightening laws surrounding crypto buying and selling
platforms.

Hong Kong’s foray into retail cryptocurrency buying and selling
in June 2023 introduced with it a surge in alternatives for traders. Nevertheless,
it additionally uncovered vulnerabilities within the regulatory framework, significantly
relating to unlicensed buying and selling platforms.

To handle this, the SFC revealed an in depth
record of licensed Digital Asset Buying and selling Platforms on its web site.
Moreover, the watchdog is conducting a public consciousness marketing campaign to teach
people about defending themselves from potential fraud.

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