#Hong Kong Securities and Futures Commission names iSCAT#
Hot Topic Overview
Overview
The Hong Kong Securities and Futures Commission (SFC) has recently named iSCAT as a suspicious virtual asset trading platform and published a warning list of 11 fraudulent virtual asset trading websites. iSCAT claims to operate in Hong Kong and provide cryptocurrency trading services, but it has not actually obtained a license from the SFC. Its operation of regulated activities or provision of virtual asset services in Hong Kong is illegal. The SFC reminds the public to be wary of iSCAT and advises investors to choose virtual asset trading platforms carefully, avoiding investment in unlicensed platforms to mitigate risks.
Ace Hot Topic Analysis
Analysis
The Securities and Futures Commission (SFC) of Hong Kong has recently named iSCAT as a suspicious virtual asset trading platform and issued a warning list of 11 fraudulent virtual asset trading websites. iSCAT claims to have operated in Hong Kong, providing cryptocurrency trading services and promoting its website and mobile application 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 in Hong Kong without a license. The SFC has added "iSCAT" and its related websites to the warning list of suspicious virtual asset trading platforms on January 10, 2025, and has cautioned the public to be wary of the platform. The SFC stated that under the Securities and Futures Ordinance and the Anti-Money Laundering and Terrorist Financing (Amendment) Ordinance 2018, it is an offense to operate regulated activities and provide virtual asset services (i.e., operate a virtual asset exchange) in Hong Kong without a license and/or to actively promote such services to Hong Kong investors.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
iSCAT is an unlicensed virtual asset trading platform operating in Hong Kong and providing cryptocurrency trading services.
iSCAT promotes investor access to its website and app for investment through social media platforms.
iSCAT operating regulated activities or providing virtual asset services in Hong Kong without a license is illegal.
The Hong Kong Securities and Futures Commission has included iSCAT in its warning list of suspicious virtual asset trading platforms.