#Hong Kong Securities and Futures Commission names iSCAT#

The Hong Kong Securities and Futures Commission (SFC) recently named iSCAT as a suspicious virtual asset trading platform and published a list of 11 fraudulent virtual asset trading websites. iSCAT, or International Standard Carbon Asset Technology Limited, claimed to operate in Hong Kong, providing cryptocurrency trading services and promoting investor access to its website and mobile application through social media. However, the platform was not licensed by the SFC, and it is illegal to operate regulated activities or provide virtual asset services in Hong Kong without a license under the Securities and Futures Ordinance and the Anti-Money Laundering and Terrorist Financing (Amendment) Ordinance 2018. The SFC added "iSCAT" and related websites to its list of suspicious virtual asset trading platforms on January 10, 2025, and warned the public to be wary of the platform. In addition, the SFC announced that licensed virtual asset trading platform Hash Blockchain Limited had reported 11 websites as fraudulent. This incident serves as a reminder to investors to choose legitimate licensed platforms when investing in virtual assets and to carefully identify suspicious platforms to avoid financial losses.