The SFC maintains that BitForex lacks the necessary licensing.
This is despite claims that the company is based in Hong Kong.
Hong Kong's Securities and Futures Commission (SFC)
has flagged BitForex, a cryptocurrency exchange, for suspected fraud. The
exchange abruptly went offline on February 23, with $57 million reportedly missing
from its hot wallets.
BitForex's sudden disappearance prompted Hong Kong's
regulator to add the company to its alert list regarding potential fraud
associated with the exchange. The SFC announced its concerns, citing the
exchange's lack of licensing or registration for operating a Virtual Asset
Trading Platform (VATP) in Hong Kong.
Suspected Fraud and Regulatory Response
The SFC mentioned: "Alert List is a list of
entities which have come to the attention of the SFC because they are
unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong
Kong investors or claim to have an association with Hong Kong."
Recently, BitForex experienced significant
disruptions when it abruptly went offline following the mysterious withdrawal
of $57 million from its hot wallets, Finance Magnates reported. This situation,
which emerged amidst growing concerns surrounding the exchange's operational
status, has drawn comparisons to past regulatory warnings issued against
similar platforms in Japan.
Efforts to access BitForex's official website have
been futile, with users encountering messages such as "blocked access." This development
followed previous warnings from Japanese regulators regarding BitForex's lack
of proper registration and suspicions of inflated trading volumes reported by
Chainalysis in 2019.
BitForex's Unregistered Operations
ZachXBT, a blockchain investigator, noted that three
of BitForex's hot wallets experienced outflows totaling about $56.5 million
before the exchange halted transactions. Users reported various issues,
including blocked access to the company's website and difficulties accessing
their accounts.
Despite ranking among the top global exchanges in
September 2023, BitForex's current operational status remains uncertain, with
CoinMarketCap no longer providing live data on the platform.
Following reports from victims unable to access
their accounts and withdraw assets from BitForex due to the shutdown of its
website, the SFC requested the Hong Kong Police Force to block access to the exchange's relevant website links and social media pages, according to a report by
Coindesk.
One of the objectives of the working group
is to implement a mechanism for assessing the risks posed by suspicious VATPs.
This approach has been enabling authorities to promptly identify and mitigate potential
issues, reducing the vulnerability of investors to fraudulent activities.
Hong Kong's Securities and Futures Commission (SFC)
has flagged BitForex, a cryptocurrency exchange, for suspected fraud. The
exchange abruptly went offline on February 23, with $57 million reportedly missing
from its hot wallets.
BitForex's sudden disappearance prompted Hong Kong's
regulator to add the company to its alert list regarding potential fraud
associated with the exchange. The SFC announced its concerns, citing the
exchange's lack of licensing or registration for operating a Virtual Asset
Trading Platform (VATP) in Hong Kong.
Suspected Fraud and Regulatory Response
The SFC mentioned: "Alert List is a list of
entities which have come to the attention of the SFC because they are
unlicensed in Hong Kong and are believed to be, or to have been, targeting Hong
Kong investors or claim to have an association with Hong Kong."
Recently, BitForex experienced significant
disruptions when it abruptly went offline following the mysterious withdrawal
of $57 million from its hot wallets, Finance Magnates reported. This situation,
which emerged amidst growing concerns surrounding the exchange's operational
status, has drawn comparisons to past regulatory warnings issued against
similar platforms in Japan.
Efforts to access BitForex's official website have
been futile, with users encountering messages such as "blocked access." This development
followed previous warnings from Japanese regulators regarding BitForex's lack
of proper registration and suspicions of inflated trading volumes reported by
Chainalysis in 2019.
BitForex's Unregistered Operations
ZachXBT, a blockchain investigator, noted that three
of BitForex's hot wallets experienced outflows totaling about $56.5 million
before the exchange halted transactions. Users reported various issues,
including blocked access to the company's website and difficulties accessing
their accounts.
Despite ranking among the top global exchanges in
September 2023, BitForex's current operational status remains uncertain, with
CoinMarketCap no longer providing live data on the platform.
Following reports from victims unable to access
their accounts and withdraw assets from BitForex due to the shutdown of its
website, the SFC requested the Hong Kong Police Force to block access to the exchange's relevant website links and social media pages, according to a report by
Coindesk.
One of the objectives of the working group
is to implement a mechanism for assessing the risks posed by suspicious VATPs.
This approach has been enabling authorities to promptly identify and mitigate potential
issues, reducing the vulnerability of investors to fraudulent activities.
MiCA's Impact Reaches Beyond Regulated Firms: Is the Crypto Infrastructure Ready?
How Modern Consumer Habits Are Transforming Global Payments
How Modern Consumer Habits Are Transforming Global Payments
The evolution of consumer expectations is reshaping the payments sphere worldwide. From seamless in-store purchases to instant cross-border transfers, the demand for secure and frictionless payment solutions is transforming how businesses and financial institutions approach transactions. But what does this mean for the future of payments, and how can organizations keep up?
On December 4, 2024, Finance Magnates, in partnership with @Visa Direct, hosted a live webinar dedicated to exploring these pressing questions. Industry experts will provided actionable insights into the trends, challenges, and opportunities in global payments, equipping attendees with the tools they need heading into 2025.
DISCLAIMER:
The views and opinions expressed in this webinar are those of the speakers and do not necessarily reflect the views or positions of any entities they represent (including, but not limited to their respective parent companies or affiliates). The views and opinions expressed are based upon information the speakers consider reliable and are intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. No party (speaker or the entities they represent) makes any warranty or representation as to the completeness or accuracy of the information within this webinar, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.
#FinanceMagnates #VisaDirect #GlobalPayments #FutureOfPayments #PaymentsInnovation #CrossBorderPayments #SecurePayments #SeamlessTransactions #FinancialInsights #PaymentsTrends #WebinarRecap #BusinessFinance #DigitalPayments #FintechInsights #Payments2025
The evolution of consumer expectations is reshaping the payments sphere worldwide. From seamless in-store purchases to instant cross-border transfers, the demand for secure and frictionless payment solutions is transforming how businesses and financial institutions approach transactions. But what does this mean for the future of payments, and how can organizations keep up?
On December 4, 2024, Finance Magnates, in partnership with @Visa Direct, hosted a live webinar dedicated to exploring these pressing questions. Industry experts will provided actionable insights into the trends, challenges, and opportunities in global payments, equipping attendees with the tools they need heading into 2025.
DISCLAIMER:
The views and opinions expressed in this webinar are those of the speakers and do not necessarily reflect the views or positions of any entities they represent (including, but not limited to their respective parent companies or affiliates). The views and opinions expressed are based upon information the speakers consider reliable and are intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. No party (speaker or the entities they represent) makes any warranty or representation as to the completeness or accuracy of the information within this webinar, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.
#FinanceMagnates #VisaDirect #GlobalPayments #FutureOfPayments #PaymentsInnovation #CrossBorderPayments #SecurePayments #SeamlessTransactions #FinancialInsights #PaymentsTrends #WebinarRecap #BusinessFinance #DigitalPayments #FintechInsights #Payments2025
Executive Interview with Elina Pedersen | Your Bourse | FMLS:24
Executive Interview with Elina Pedersen | Your Bourse | FMLS:24
Executive Interview with Elina Pedersen, Chief Revenue Officer at Your Bourse at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation #nvidia #DigitalAssets #GlobalFinance #globalbanking
๐ฃ Stay updated with the latest in finance and trading!
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Executive Interview with Elina Pedersen, Chief Revenue Officer at Your Bourse at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation #nvidia #DigitalAssets #GlobalFinance #globalbanking
๐ฃ Stay updated with the latest in finance and trading!
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Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation #nvidia #DigitalAssets #GlobalFinance #globalbanking
๐ฃ Stay updated with the latest in finance and trading!
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Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation #nvidia #DigitalAssets #GlobalFinance #globalbanking
๐ฃ Stay updated with the latest in finance and trading!
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Executive Interview with Nadia Edwards-Dashti | Harrington Star | FMLS:24
Executive Interview with Nadia Edwards-Dashti | Harrington Star | FMLS:24
Fintech Talent in the UK: The Human Factor Driving Industry Change ๐
What does it take to attract, retain, and upskill the best fintech talent in todayโs rapidly evolving UK market? In this engaging interview, Nadia Edwards-Dashti, Chief Customer Officer at Harrington Star, explores the future of talent recruitment, the rise of sales roles, and how AI is reshaping the industryโwithout replacing the human touch.
#fmls #fmls24 #fmevents #recruitment #financialcareers
๐ฃ Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage.
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Fintech Talent in the UK: The Human Factor Driving Industry Change ๐
What does it take to attract, retain, and upskill the best fintech talent in todayโs rapidly evolving UK market? In this engaging interview, Nadia Edwards-Dashti, Chief Customer Officer at Harrington Star, explores the future of talent recruitment, the rise of sales roles, and how AI is reshaping the industryโwithout replacing the human touch.
#fmls #fmls24 #fmevents #recruitment #financialcareers
๐ฃ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates.
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๐ LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Executive Interview with Roberto Politano | Innovate Finance | FMLS:24
Executive Interview with Roberto Politano | Innovate Finance | FMLS:24
Executive Interview with Roberto Politano from Innovate Finance at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation
๐ฃ Stay updated with the latest in finance and trading!
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Executive Interview with Roberto Politano from Innovate Finance at the Finance Magnates London Summit 2024
#fmls #fmls24 #fmevents #RetailTrading #FintechInnovation
๐ฃ Stay updated with the latest in finance and trading!
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