- Hong Kong securities watchdog has flagged a new crypto platform.
- The regulator said the platform operated without a license.
- The regulator added the platform to its alert list.
Hong Kong’s Securities and Futures Commission (SFC) issued a stark warning on Friday, alerting the public to a “purported virtual asset trading platform” operating in the region without a license, a serious breach of regulatory standards.
The warning comes after the regulator posted a notice on its official website on February 29 announcing the deadline for unlicensed crypto exchanges to cease operations in the region. Per the notice , the unregulated exchanges have until May 31 to close their businesses.
SFC Adds a New Crypto Platform to Its Alert List
In an announcement dated April 5, the SFC issued an advisory against Sure X, also known as Sure Bit International Ltd, which operates at https://surexchanqe.io and http://sure9.com.
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The regulator alleged that Sure X targeted Hong Kong investors with its purported crypto trading services without authorization under the guise of offering education and training on blockchain and cryptocurrencies.
“While Sure X’s platform websites appear to be inaccessible, the SFC notes that Hong Kong investors, through other means via the internet, may still be able to access the websites and/or the purported trading platform and register as new users,” the SFC said.Per the SFC, Sure X’s operations in Hong Kong infringed Anti-Money Laundering and Counter-Terrorist Financing Ordinance, prompting the regulator to add the company to its Suspicious Virtual Asset Trading Platforms Alert List.
The SFC warned that investors risked losing all their funds held on Sure X if the platform ceases its operations, collapses, is hacked, or suffers from “misappropriation of assets.”
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Read about other crypto exchanges added to Hong Kong’s alert list:
Crypto Exchanges EDY and HKCEXP Added to HK’s Watchlist
Stay updated on South Korea’s upcoming crypto listing guidelines:
South Korea Mulls Crypto Listing Guidelines Targeting CEXs
