Hong Kong Authorities Block Two Crypto Websites Suspected of Fraud

Hong Kong Authorities Block Two Crypto Websites Suspected of Fraud

Last updated: December 20, 2023 03:24 EST . 1 min read Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.

The Securities and Futures Commission (SFC) of Hong Kong has issued a public warning regarding two crypto firms suspected of engaging in fraud.

The watchdog has cautioned the public to be wary of “LonShiX” and “Bitbank (Global) Financial Holding Group,” both allegedly engaging in activities related to virtual assets.

Earlier this month, Hong Kong SFC had crakced down on two crypto websites suspected of engaging in fraudulent activities.

Crypto Firms Faked Registerations With SFC

LonShiX, operating under false pretenses, claimed a Hong Kong address on its website, misleading potential investors. The entity enticed individuals to open investment accounts by falsely presenting itself as a recognized investment professional endorsed by banks across various social media platforms and instant messaging services.

Similarly, the SFC expressed concern about Bitbank (Global) Financial Holding Group, highlighting its name’s striking similarity to a legitimate Japanese cryptocurrency exchange. Despite this resemblance, the two entities are unrelated. The SFC suspects Bitbank (Global) Financial Holding Group of disseminating false and misleading information online, including claims of possessing an SFC license and purportedly applying for a virtual asset service provider license.

The Hong Kong Police Force has blocked the websites of LonShiX and Bitbank (Global) Financial Holding Group, as well as their associated X accounts, at the request of the SFC.