Hong Kong SFC Issues Warning to Public of Suspected Virtual Asset-Related Fraud Operating with the Names TCAME & BitCloud & Claim to be Licensed, Provide Cryptocurrency Trading & Use Social Media & Messaging Apps to Promote, Investors Faced Withdrawal Issues & Required to Make Additional Deposits to Process Withdrawals, Some Accounts Frozen
13th April 2024 | Hong Kong
The Hong Kong Securities and Futures Commission (SFC) has issued warning to the public of suspected virtual asset-related fraud operating with the names TCAME & BitCloud (claim to be licensed), with both entities providing cryptocurrency trading & using social media & messaging apps to promote their platforms. Investors faced withdrawal issues and are required to make additional deposits to process withdrawals. Some investors have also reported to have accounts frozen. Hong Kong SFC: “The Securities and Futures Commission (SFC) today warns the public of entities operating under the names of “TCAME” and “BitCloud” for suspected virtual asset-related fraudulent activities and falsely claiming to be licensed or certificated in various jurisdictions (Notes 1 and 2). Both entities claim to provide cryptocurrency trading services and use social media platforms or instant messaging apps to refer investors to their respective websites to register as a user for investment in cryptocurrencies. Investors subsequently reported withdrawal issues, including being required to make additional “deposits” to process withdrawals, while some said their accounts were frozen subsequently. Both entities and their respective websites were posted on the SFC’s Suspicious Virtual Asset Trading Platforms Alert List on 12 April 2024. While their websites are now inaccessible, the public should beware that new websites with similar domain names may be created to mislead investors. Online investment scams may involve any type of assets and are perpetrated through multiple channels. Those who fall victim may suffer substantial losses. The SFC once again warns the public to be cautious about “too-good-to-be-true” investment opportunities and advice posted on social media platforms and via instant messaging apps. Investors should stay vigilant and beware of fraud when making investment decisions.”
“ Hong Kong SFC Issues Warning to Public of Suspected Virtual Asset-Related Fraud Operating with the Names TCAME & BitCloud & Claim to be Licensed, Provide Cryptocurrency Trading & Use Social Media & Messaging Apps to Promote, Investors Faced Withdrawal Issues & Required to Make Additional Deposits to Process Withdrawals, Some Accounts Frozen “
Notes:
- TCAME refers to a purported virtual asset trading platform operating at app.tcame.vip. TCAME claimed that it has St Vincent FSA licence for trading operation, Canadian Money Services Business licence and Philippines BSP licence. However, none of the licences shown on the website appear to be genuine.
- BitCloud refers to a purported virtual asset trading platform operating at https://www.tobitcloud.com/. BitCloud purported to have obtained certificates from the Financial Crimes Enforcement Network and the National Futures Association respectively when in fact this is not the case.
Hong Kong SFC Issues Warning to Public of Suspected Virtual Asset-Related Fraud Operating with the Names TCAME & BitCloud & Claim to be Licensed, Provide Cryptocurrency Trading & Use Social Media & Messaging Apps to Promote, Investors Faced Withdrawal Issues & Required to Make Additional Deposits to Process Withdrawals, Some Accounts Frozen
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