Beware of These 7 Crypto Platforms: Hong Kong SFC Warns

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Hong Kong’s SFC warns the public against seven entities suspected of crypto fraud.
The scams involved luring investors with promises of high returns, then blocking withdrawals.
SFC said that investors should be aware of “too-good-to-be-true” opportunities.

Hong Kong’s Securities and Futures Commission (SFC) has issued a warning about seven entities suspected of crypto fraud, underscoring the risks facing investors in the city’s rapidly growing digital asset market.

As per the official notice, these entities were operating under names such as XTCQT, CEG, BTEPRO, Bitones.org, Yomaex Crypto Market Limited (Yomaex), Bstor (Bstorest), and Taurusemex.

Notably, Hong Kong, a major crypto hub in Asia, has attracted both genuine investors and fraudsters. According to the SFC’s warning, these platforms claim to offer services related to crypto trading. Some even use social media and messaging platforms to lure investors to their websites and get them to register.

After the users register and start trading, the real scam pops up. They try to withdraw the funds, only to be flagged with some warning o…

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