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 said the Hong Kong Police Drive had blocked entry to the web sites of BitCuped and Hong Kong Digital Analysis Institute — often known as HongKongDAO — claiming customers may very well be fooled into making illegitimate investments. The regulator additionally issued cease-and-desist letters to the companies’ web site operators.
“The SFC suspects HongKongDAO could also be disseminating false and deceptive details about itself and its enterprise by means of on-line channels,” stated 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 the truth is none of them has any affiliations with BitCuped.”
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In keeping with the SFC, the “deceptive” info associated to HongKongDAO might encourage people to imagine its companies 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 linked to BitCuped.
In October, the SFC announced it planned to replace its insurance policies on digital foreign money gross sales and necessities, citing market developments and business suggestions. Beginning in June 2024, exchanges working inside Hong Kong should have a virtual asset service provider license with the SFC.
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