TechFlow reports that on July 25, the Hong Kong Securities and Futures Commission (SFC) issued a public warning about CoinUnited.io, an unlicensed virtual asset trading platform. The platform claims to offer services for trading cryptocurrencies, stocks, indices, foreign exchange, and commodities, and previously stated it had a flagship store and job recruitment activities in Hong Kong, despite never having obtained or applied for any license from the SFC.
Under the Securities and Futures Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, operating regulated activities or providing virtual asset services without a license in Hong Kong is illegal. The SFC has added CoinUnited.io and its related websites to its alert list of suspicious virtual asset trading platforms, and reminds investors once again not to trade on unregulated platforms to avoid potential investment losses.
