TechFlow reports that on January 10, the Hong Kong Securities and Futures Commission (SFC) added International Standard Carbon Asset Technology Co., Ltd. (iSCAT) and its related websites to the alert list of suspected unlicensed virtual asset trading platforms. The platform had previously claimed in Hong Kong to offer cryptocurrency trading services and directed investors via social media to use its website and mobile application, despite not holding an SFC license.
Under the Securities and Futures Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, operating a virtual asset exchange without a license in Hong Kong or promoting such services to Hong Kong investors is illegal. The SFC emphasized that investing on unregulated platforms may expose investors to risks including platform collapse, hacking, or misappropriation of assets, potentially resulting in total loss of investment.
