Hong Kong regulator accused BitForex crypto exchange of fraud

The Hong Kong regulator has listed the BitForex platform in the list of suspicious companies that may be associated with fraud. The SFC announced that the platform is not registered with the agency, and it does not have a license to work with virtual assets (VATP) in Hong Kong. The SFC has also appealed to Hong Kong law enforcement agencies to block access to the BitForex website and its social media pages.

"The list of warnings is a list of organizations that have attracted the attention of the SFC. They do not have a work permit in Hong Kong, but they are targeting Hong Kong investors and declare that they legally conduct their activities in the administrative region," the SFC said.

The regulator suspected BitForex of fraud after the exchange suddenly suspended its services in February, and $57 million worth of crypto assets disappeared from its hot wallets. Many users also complained about problems with access to the site. Earlier, Japanese regulators also warned that BitForex operates in the country without registration, and suspected the exchange of overestimating trading volumes. The current operational status of BitForex is still uncertain, as the analytical portal CoinMarketCap no longer provides operational data about the platform.

Source: https://bits.media/gonkongskiy-regulyator-obvinil-kriptobirzhu-bitforex-v-moshennichestve/