Hong Kong SFC Issues Public Warning of Unlicensed Virtual Asset Trading Platform International Standard Carbon Assets Technology (iSCAT Exchange) for Providing Cryptocurrency Trading Services & Using Social Media Platforms to Promote Investment in Cryptocurrencies via Website & Mobile Apps
11th January 2025 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has issued a public warning of unlicensed Virtual Asset Trading Platform (VATP) International Standard Carbon Assets Technology (iSCAT Exchange) for providing cryptocurrency trading services, using social media platforms to promote investment in cryptocurrencies via website & mobile apps. Hong Kong SFC (10/1/25): “The Securities and Futures Commission (SFC) today warns the public of an unlicensed virtual asset trading platform (VATP) International Standard Carbon Assets Technology Co., Limited which is also known as “iSCAT” or “iSCAT Exchange” (Note 1). “iSCAT” and/or “iSCAT Exchange”, which has not been licensed by the SFC, had purported to be a VATP operating in Hong Kong. It claimed to provide cryptocurrency trading services and used social media platforms to refer investors to its website and mobile application for investment in cryptocurrencies. 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 (Note 2). The SFC has posted “iSCAT” and/or “iSCAT Exchange” and its respective website on the SFC’s Suspicious Virtual Asset Trading Platforms Alert List on 10 January 2025. 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 Public Warning of Unlicensed Virtual Asset Trading Platform International Standard Carbon Assets Technology (iSCAT Exchange) for Providing Cryptocurrency Trading Services & Using Social Media Platforms to Promote Investment in Cryptocurrencies via Website & Mobile Apps “
Notes:
- “iSCAT” and/or “iSCAT Exchange” refers to a purported VATP operating at hxxps:// www.iscatex[.]com and the mobile application “iSCAT Exchange”.
- “Regulated activity”, as defined in Part 1 of Schedule 5 to the SFO, includes, but is not limited to, dealing in securities, dealing in futures contracts, and leveraged foreign exchange trading.
Hong Kong SFC Issues Public Warning of Unlicensed Virtual Asset Trading Platform International Standard Carbon Assets Technology (iSCAT Exchange) for Providing Cryptocurrency Trading Services & Using Social Media Platforms to Promote Investment in Cryptocurrencies via Website & Mobile Apps
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