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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 Pressure had blocked entry to the web sites of BitCuped and Hong Kong Digital Analysis Institute — also called HongKongDAO — claiming customers might be fooled into making illegitimate investments. The regulator additionally issued cease-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 by 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 the truth is none of them has any affiliations with BitCuped.”
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In accordance with the SFC, the “deceptive” data associated to HongKongDAO may 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 reasonably 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 trade 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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