Hong Kong: Issued SFC's order adding seven virtual asset trading platforms to Suspicious Virtual Asset Trading Platforms Alert List

On 5 July 2024, the Securities and Futures Commission (SFC) issued an order adding the virtual asset trading platforms "XTCQT," "CEG," "BTEPRO," "Bitones.org," "Yomaex Crypto Market Limited," "Bstor," and "Taurusemex" to the Suspicious Virtual Assets Trading Platforms Alert List. The SFC alleged that these entities purported to provide cryptocurrency trading services, with some using social media platforms or instant messaging apps to refer investors to their websites to register for cryptocurrency investments. Additionally, the SFC stated that investors reported withdrawal issues with these entities. In some cases, the entities claimed that money laundering activities or illegal funds were involved in investors' accounts, leading to withdrawal suspensions. The SFC also reported that investors alleged they were required to pay high "fees" or "taxes" for withdrawals or account reactivation.