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Hong Kong cryptocurrency trading platform HOUNAX goes bankrupt.

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Post time 14-12-2023 06:56:02 | Show all posts |Read mode
On November 28th, Hong Kong Chief Executive Carrie Lam responded to the suspected fraud case involving the cryptocurrency trading platform HOUNAX. Lam emphasized the importance of government regulation to protect investor interests and combat unlicensed platforms. She expressed the government's willingness to cooperate actively if additional powers were required by regulatory authorities. Lam also advised investors to use licensed platforms when engaging in online virtual asset trading to ensure their interests are safeguarded.

On November 27th, the CEO of the Securities and Futures Commission (SFC) in Hong Kong, Ashley Alder, noted that they received the first related complaint at the end of September, initiated an investigation in October, and included the HOUNAX platform in the "unlicensed companies and suspicious websites" list in early November. As HOUNAX is not a licensed platform and has not applied for a license, it falls outside the regulatory purview of the SFC. While the SFC lacks the authority to demand the platform to cease operations or block its website, they remain closely cooperative with the Hong Kong police on the matter.

On the 27th, some Hong Kong citizens suspected they were defrauded through the virtual asset trading platform HOUNAX. The Hong Kong police reported that as of 4 pm on November 27th, they had received reports from 145 victims, with the amount involved increasing to approximately HKD 148 million. The official Facebook page of the platform is no longer accessible, and victim groups have emerged on social media, where individuals share their grievances and discuss the inability to withdraw funds.
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Post time 14-12-2023 11:38:52 | Show all posts
Aren't platforms in Hong Kong supposed to be licensed?
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Post time 14-12-2023 12:39:40 | Show all posts
Was this an existing issue, or is it a recently established platform?
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Post time 14-12-2023 12:56:01 | Show all posts
"What kind of transactions are possible with virtual currencies in Hong Kong?




"
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