Hong Kong SFC Issues Warning of Unlicensed Virtual Asset Trading Platform CoinUnited.io, Claims to Provide Trading Services in Cryptocurrency, Stocks, Indices, Forex & Commodities
25th July 2024 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has issued a warning of unlicensed virtual asset trading platform Coinunited.io, claiming to provide trading services in cryptocurrency, stocks, indices, forex & commodities. Hong Kong SFC (25/7/24): “The Securities and Futures Commission (SFC) today warns the public of an unlicensed virtual asset trading platform (VATP) known as “CoinUnited.io.” CoinUnited.io claims to provide trading services in cryptocurrency, stocks, indices, forex and commodities, and previously claimed to have a flagship store in Hong Kong and to be hiring in Hong Kong, but it has neither been licensed by the SFC nor applied to the SFC for a licence. Under the Securities and Futures Ordinance (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, it is an offence to carry on a business in a regulated activity and a business of providing a virtual asset service (ie, operating a virtual asset exchange) in Hong Kong and/or actively market such services to Hong Kong investors without a licence. The SFC has posted CoinUnited.io and its respective website on the SFC’s Suspicious Virtual Asset Trading Platforms Alert List on 25 July 2024. Once again, the SFC cautions investors against trading virtual assets on unregulated VATPs. Investors may risk losing their entire investment held on the platform if it ceases operation, collapses, is hacked or otherwise suffers from any misappropriation of assets. If in doubt about the licensing status of a VATP, please refer to the SFC’s List of licensed virtual asset trading platforms. The SFC will not hesitate to take enforcement action against fraudulent or unlicensed VATPs in Hong Kong where appropriate.
“ Hong Kong SFC Issues Warning of Unlicensed Virtual Asset Trading Platform CoinUnited.io, Claims to Provide Trading Services in Cryptocurrency, Stocks, Indices, Forex & Commodities “
Hong Kong SFC Issues Warning of Unlicensed Virtual Asset Trading Platform CoinUnited.io, Claims to Provide Trading Services in Cryptocurrency, Stocks, Indices, Forex & Commodities
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