SFC Issues Warnings Against Tokencan, VBIT Exchange, and HKD.com for Fraud and Unlicensed Activities

The
Securities
and
Futures
Commission
(SFC)
has
issued
public
warnings
against
Tokencan,
VBIT
Exchange,
and
HKD.com
Corporation,
citing
concerns
over
suspected
virtual
asset-related
fraud
and
unlicensed
activities,
according
to

apps.sfc.hk.

Details
of
the
Warning

The
SFC’s
warnings
come
as
part
of
its
ongoing
efforts
to
protect
investors
from
potential
fraud
and
to
ensure
that
companies
engaging
in
virtual
asset
activities
comply
with
regulatory
requirements.
The
regulatory
body
has
flagged
these
entities
for
allegedly
conducting
business
without
the
necessary
licenses
and
engaging
in
activities
that
could
be
fraudulent.

Tokencan
Under
Scrutiny

Tokencan,
a
virtual
asset
trading
platform,
has
been
specifically
highlighted
by
the
SFC
for
operating
without
a
proper
license.
The
SFC
has
urged
investors
to
exercise
caution
when
dealing
with
Tokencan,
emphasizing
the
risks
associated
with
unlicensed
platforms.

Concerns
Over
VBIT
Exchange

Similarly,
VBIT
Exchange
has
come
under
the
SFC’s
radar
for
similar
reasons.
The
exchange
is
suspected
of
engaging
in
unlicensed
activities,
which
poses
significant
risks
to
investors.
The
SFC’s
warning
aims
to
inform
the
public
about
these
risks
and
to
encourage
due
diligence
before
engaging
with
such
platforms.

HKD.com
Corporation’s
Alleged
Activities

HKD.com
Corporation
has
also
been
named
in
the
SFC’s
warning.
The
corporation
is
suspected
of
virtual
asset-related
fraud,
further
raising
concerns
about
its
operations.
The
SFC’s
alert
serves
as
a
reminder
to
investors
to
be
vigilant
and
to
verify
the
legitimacy
of
virtual
asset
service
providers
before
committing
funds.

Regulatory
Context

This
move
by
the
SFC
aligns
with
its
broader
mandate
to
regulate
the
virtual
asset
market
and
protect
investors
from
potential
harm.
The
SFC
has
been
actively
monitoring
and
taking
action
against
entities
that
fail
to
adhere
to
regulatory
standards,
ensuring
a
safer
investment
environment.

The
warnings
issued
by
the
SFC
underscore
the
importance
of
regulatory
compliance
in
the
virtual
asset
space.
Investors
are
advised
to
remain
cautious
and
to
seek
information
from
reliable
sources
before
engaging
with
any
virtual
asset
service
providers.

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source:
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