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Hong Kong SFC Issues Warning of Suspected Virtual Asset Fraud by Bitbank Global Financial & LonShiX, Bitbank Used a Name Similar to Crypto Exchange in Japan & Claimed to Have Obtained SFC Licences & Started Applying for Virtual Asset Service Provider Licence, LohShiX Claimed to be Located in Hong Kong & Investment Professionals Authorized by Banks
21st December 2023 | Hong Kong
The Hong Kong SFC (Securities & Futures Commission) has issued a warning of suspected virtual asset fraud by Bitbank (Global) Financial and LonShiX. Bitbank is using a name similar to crypto exchange in Japan (bitbank Inc) and claimed to have obtained Hong Kong SFC licences including started applying for virtual asset service provider licence. LonShiX claimed to be located in Hong Kong and their investment professionals are authorized by banks. Hong Kong SFC: “1) The SFC notes that LonShiX claims to be located in Hong Kong with a fake address on its website. Through individuals falsely claiming to be investment professionals authorised by banks on social media platforms and instant messaging apps, LonShiX lures investors to open investment accounts. 2) The SFC notes that Bitbank (Global) Financial Holding Group has adopted a name that is very similar to that of a cryptocurrency exchange based in Japan, when in fact they are not associated. The SFC also suspects that Bitbank (Global) Financial Holding Group may have disseminated false and misleading information about itself and its business through online channels, including its website and social media platforms, claiming that it has obtained SFC licences and begun to apply for a virtual asset service provider’s licence.” More info below:
“ Hong Kong SFC Issues Warning of Suspected Virtual Asset Fraud by Bitbank Global Financial & LonShiX, Bitbank Used a Name Similar to Crypto Exchange in Japan & Claimed to Have Obtained SFC Licences & Started Applying for Virtual Asset Service Provider Licence, LohShiX Claimed to be Located in Hong Kong & Investment Professionals Authorized by Banks “
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Hong Kong SFC Issues Warning of Suspected Virtual Asset Fraud by Bitbank Global Financial & LonShiX
20th December 2023 – The Securities and Futures Commission (SFC) today warned the public to beware of entities operating under the names of “LonShiX” (Note 1) and “Bitbank (Global) Financial Holding Group” (Note 2), suspected of engaging in fraudulent activities purporting to be related to virtual assets.
LonShiX
- The SFC notes that LonShiX claims to be located in Hong Kong with a fake address on its website. Through individuals falsely claiming to be investment professionals authorised by banks on social media platforms and instant messaging apps, LonShiX lures investors to open investment accounts.
Bitbank (Global) Financial Holding Group
- The SFC notes that Bitbank (Global) Financial Holding Group has adopted a name that is very similar to that of a cryptocurrency exchange based in Japan, when in fact they are not associated.
- The SFC also suspects that Bitbank (Global) Financial Holding Group may have disseminated false and misleading information about itself and its business through online channels, including its website and social media platforms, claiming that it has obtained SFC licences and begun to apply for a virtual asset service provider’s licence (Note 3).
None of the above claims is true, but they may give a false and misleading impression that Bitbank (Global) Financial Holding Group’s services and business are properly licensed and legitimate, inducing others to trade on its platform.
- At the SFC’s request, the Hong Kong Police Force has taken steps to block access to the websites of LonShiX and Bitbank (Global) Financial Holding Group, as well as the relevant X accounts (Note 4).
- LonShiX, Bitbank (Global) Financial Holding Group and their websites were posted on the SFC’s Suspicious Virtual Asset Trading Platforms Alert List on 20 December 2023.
The SFC once again takes this opportunity to warn 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.
Notes:
- LonShiX claims to offer digital currency, foreign exchange and other investment services through its platform at https://lonshix.com/.
- Bitbank (Global) Financial Holding Group claims to be a digital asset trading platform at the websites of www.bitbank.world and bitbanksupport.zendesk.com/hc/en-us.
- It has claimed to have obtained Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) licences. It has also claimed to have applied for Type 7 (providing automated trading services) and virtual asset service provider licences in June 2023.
- Formerly known as Twitter.
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