China SFC Cautions About Scam Amid Hong Kong’s Crypto Revival
Highlights
- SFC warns of fraudulent websites posing as licensed entities, targeting cryptocurrency investors.
- CSRC takes action, including identified fraud sites in its warning list to combat rising scam activities.
- Amid Hong Kong's crypto growth, regulatory bodies stress due diligence for investors to mitigate risks.
The Securities and Futures Commission (SFC) has issued a warning to the public regarding fraudulent activities perpetrated by suspicious websites masquerading as licensed institutions. One such website, “KKR Global,” has been identified for impersonating KKR Capital Markets Asia Limited, a licensed agency of the SFC. These websites are suspected of engaging in virtual asset-related fraud, particularly in the realm of cryptocurrency investments.
Victims have reported being recruited to invest in cryptocurrency products through instant messaging applications. However, they soon encountered difficulties when attempting to withdraw funds from these platforms. Additionally, victims were coerced into paying exorbitant fees for “wallet verification,” adding further financial strain to their predicament.
Inclusion in Warning List by China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) has taken decisive action by including the identified fraudulent website in its warning list of suspicious virtual asset trading platforms. Despite the websites being rendered inaccessible for browsing, there remains a significant risk of scammers establishing new platforms with similar domain names.
The public is urged to exercise caution and remain vigilant against potential scams, especially within the rapidly evolving landscape of virtual asset trading. The inclusion of such websites in the CSRC’s warning list serves as a stark reminder of the persistent threat posed by fraudulent actors in the digital realm.
Also Read: Japan’s $1.5T Pension Fund Eyes Bitcoin and Gold for Diversification
Hong Kong’s Crypto Growth and Market Reminder
Amidst Hong Kong’s burgeoning cryptocurrency scene, event from past weeks show that Mox Bank, a virtual bank based in the region, is set to revolutionize traditional banking practices by venturing into cryptocurrency investment services. Head of investment products at Mox Bank, Liu Hanyang, has unveiled plans to introduce virtual asset investment services later this year.
In light of these developments, the SFC and CSRC advise the public to utilize reliable resources such as the public record book and official lists of licensed virtual asset trading platforms provided by regulatory bodies. It is essential for individuals to conduct thorough due diligence and verify the legitimacy of investment institutions and virtual asset trading platforms before engaging in any financial transactions.
Also Read: Ethereum Price Risks $24M Collateral Liquidation If ETH Falls To This Level
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
