Odaily News: The Securities and Futures Commission of Hong Kong has issued a statement noting that certain unlicensed virtual asset trading platforms have been employing inappropriate business practices. These practices include falsely claiming to have submitted applications to the Securities and Futures Commission, operating virtual asset trading platforms that do not comply with the Commission's regulations, and using existing companies in Hong Kong to operate unlicensed virtual asset trading platforms.



The Securities and Futures Commission of Hong Kong has warned that some unlicensed virtual asset trading platforms are misleading the public by falsely claiming to have applied for licenses from the Commission. Other unlicensed virtual asset trading platforms may have publicly announced their intention to apply for licenses from the Commission. The majority of virtual asset trading platforms currently accessible to the public are not regulated. The Commission will update the list of virtual asset trading platforms on its website when it approves a platform to provide services to retail investors.



The Commission once again advises investors to be cautious of the risks involved in trading virtual assets on unregulated platforms. If a virtual asset trading platform ceases operations, goes bankrupt, is hacked, or experiences any misappropriation of assets, investors may face the risk of losing all of their investments held on that platform. If there are any doubts about the licensed status of any virtual asset trading platform, please refer to the Commission's list of virtual asset trading platforms.