#Hong Kong Securities and Futures Commission names iSCAT#
Hot Topic Overview
Overview
The Securities and Futures Commission (SFC) of Hong Kong 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 access its website and mobile application for investment through social media. However, the platform has not been licensed by the SFC, and it is illegal to operate regulated activities or provide virtual asset services without a license in Hong Kong. The SFC has added "iSCAT" and related websites to its list of suspicious virtual asset trading platforms on January 10, 2025.
Ace Hot Topic Analysis
Analysis
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 claimed to operate in Hong Kong, providing cryptocurrency trading services and promoting investment through social media, encouraging investors to access its website and mobile application. However, the platform has not been licensed by the SFC. Operating regulated activities or providing virtual asset services in Hong Kong without a license is illegal under the Securities and Futures Ordinance and the Anti-Money Laundering and Terrorist Financing (Amendment) Ordinance 2018. The SFC has added "iSCAT" and related websites to its list of suspicious virtual asset trading platforms on January 10, 2025, and warned the public to be vigilant. In addition, the SFC announced that licensed virtual asset trading platform Hash Blockchain Limited has reported 11 websites as fraudulent, reminding investors to be aware of the risks.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
iSCAT is an unlicensed virtual asset trading platform operating illegally in Hong Kong.
iSCAT promotes through social media to induce investors to invest in cryptocurrencies.
iSCAT may pose a fraud risk, investors should be cautious.
The Hong Kong Securities and Futures Commission has listed iSCAT on its list of suspicious virtual asset trading platforms.