Hong Kong: LonShiX and Bitbank have been listed in the alert list of suspicio...

Kabir903

The Securities and Futures Commission (SFC) of Hong Kong has issued a warning to the public, stating that two entities operating under the names "LonShiX" and "Bitbank(Global)Financial Holding Group" are suspected of engaging in fraudulent activities related to virtual assets. The SFC pointed out that "LonShiX" falsely claims its address to be in Hong Kong on its website. LonShiX entices investors to open investment accounts by claiming to be accredited investment professionals recognized by banks on social media platforms and instant messaging apps. The entity alleges to provide digital currency, forex, and other investment services through its platform.

As for Bitbank(Global)Financial Holding Group, the SFC noted that the company's name closely resembles that of a Japanese cryptocurrency exchange, but the two are unrelated. The SFC also suspects that Bitbank(Global)Financial Holding Group may have disseminated false and misleading information about itself and its business through online channels, including its website and social media. The entity claims to have obtained licenses for regulated activities such as Type 1 (securities trading), Type 4 (providing securities advice), and Type 9 (providing asset management) in Hong Kong. It further claims to have applied for Type 7 (providing automated trading services) and a license as a virtual asset service provider in June 2023.

However, the SFC clarified that all these claims are untrue and may create a false and misleading impression, leading others to believe that Bitbank(Global)Financial Holding Group's services and business are duly licensed and legitimate, thereby inducing transactions on its platform. On December 20, 2023, the SFC added LonShiX, Bitbank(Global)Financial Holding Group, and their websites to the alert list of suspicious virtual asset trading platforms. Additionally, the Hong Kong Police Force has taken action, as requested by the SFC, to block the websites of LonShiX and Bitbank(Global)Financial Holding Group, along with related X accounts. The SFC once again cautions the public to be wary of "too good to be true" investment opportunities and advice shared on social media platforms and instant messaging apps. Investors are advised to exercise caution and guard against fraudulent activities when making investment decisions.

Kahn332

But if someone doesn't trade through your registered exchange in Hong Kong, there's no way, right?

Ritu77

This list is something you can go and check out to understand, right?

Samiksha

That seems to be a good platform, doesn't it?