Hong Kong Securities Regulator Warns Against Unlicensed Crypto Platform

According to Odaily, the Hong Kong Securities and Futures Commission (SFC) has issued a warning to the public regarding an unlicensed virtual asset trading platform known as International Standard Carbon Assets Technology Co., Limited, also referred to as "iSCAT" or "iSCAT Exchange." The SFC stated that "iSCAT" and/or "iSCAT Exchange" claims to have operated in Hong Kong, offering cryptocurrency trading services and using social media platforms to direct investors to its website and app for cryptocurrency investments. Under the Securities and Futures Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, it is illegal to conduct regulated activities or provide virtual asset services (such as operating a virtual asset exchange) without a license in Hong Kong, or to actively promote such services to Hong Kong investors. In addition, the SFC has announced that licensed virtual asset trading platform Hash Blockchain Limited has reported 11 websites as fraudulent.