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"Cryptocurrency platform HOUNAX has recently been actively soliciting customers in Hong Kong, claiming to have been co-founded by the original Coinbase technical team and to have obtained a Canadian MSB license. They also boast of investments from well-known venture capital firms such as Sequoia Capital and IDG Capital. However, the Hong Kong Securities and Futures Commission (SFC) has included HOUNAX in its list of ""suspected virtual asset trading platforms"" as of November 1, warning the public to be cautious about the platform's legality and security.
The ""suspected virtual asset trading platform"" list primarily includes companies that are not licensed in Hong Kong but target Hong Kong investors. Being listed on this list means that the company has come under the regulatory authority's scrutiny.
According to information on the Hong Kong SFC's official website, HOUNAX claims to be a cryptocurrency trading platform and pre-fills the Hong Kong international telephone area code ""+852"" on the user login page, seemingly targeting Hong Kong investors for promotion. Furthermore, HOUNAX also has social media channels labeled ""Hounax Hong Kong"" on Facebook, Twitter (formerly X), and YouTube.
The Hong Kong SFC reminds the public that if they use unlicensed virtual asset platforms for trading, they must understand that these unregulated platforms are not supervised by the SFC. In the event that such platforms cease operations, go bankrupt, are hacked, or have assets misappropriated, users may lose all the investments they hold on that platform. Investors may have difficulty seeking redress from virtual asset trading platforms with no connection to Hong Kong and may not be able to obtain compensation through legal means.
As of now, the Hong Kong SFC has exposed a total of seven suspected virtual asset trading platforms, including JPEX, which allegedly defrauded nearly HKD 1.6 billion.
Readers are reminded that there are currently only two virtual asset trading platforms in Hong Kong officially licensed by the SFC, OSL Exchange and HashKey Exchange. There are also five businesses applying for licenses: BGE, HKbitEX, HKVAX, VDX, and Meex. To verify whether a virtual asset trading platform has been licensed, please refer to the SFC's list of licensed virtual asset trading platforms." |
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Post time 7-11-2023 21:37:00
