The Hong Kong Securities and Futures Commission (SFC) has recently taken stringent action by blocking two cryptocurrency websites accused of fraudulent activities. The targeted websites are HongKongDAO and BitCuped, both of which were placed on an alert list due to their deceptive practices.
HongKongDAO was found marketing its HKD token in social media chat groups, falsely claiming high market value and misleading users into making payments on another site. Similarly, BitCuped deceitfully listed unaffiliated individuals as its CEO and chairman, leading to its blacklist on November 10. These enforcement actions by the SFC come in the wake of investor losses from fraudulent activities at the JPEX exchange earlier in the year, reflecting the regulator's heightened vigilance and the pressing need for more robust crypto regulations
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
