#Hong Kong Securities and Futures Commission names iSCAT#

The Hong Kong Securities and Futures Commission (SFC) has recently named iSCAT as a suspicious virtual asset trading platform and published a list of 11 fraudulent virtual asset trading websites. iSCAT claims to have operated in Hong Kong, providing cryptocurrency trading services and promoting investors to visit its website and mobile application for investment through social media. However, the platform has not been licensed by the SFC. Under the Securities and Futures Ordinance and the Anti-Money Laundering and Terrorist Financing (Amendment) Ordinance of Hong Kong, it is illegal to operate regulated activities or provide virtual asset services in Hong Kong without a license. The SFC has added "iSCAT" and its related websites to the 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 has also published a list of 11 fraudulent virtual asset trading websites, reminding investors to be aware of the risks.