HK Regulator Issues Warning on 7 Alleged Crypto Scams

The Securities and Futures Commission (SFC) of Hong Kong has issued a public alert regarding seven entities suspected of fraudulent activities involving virtual assets. These entities, listed as follows, are accused of operating under deceptive pretenses:

1. XTCQT (Website: hxxps://xtcqt.com)

2. CEG (Website: hxxps://cegapes.com)

3. BTEPRO (Website: hxxp://btepro.com)

4. Bitones.org (Website: Bitones.org)

5. Yomaex Crypto Market Limited (also known as “Yomaex”) (Website: www.yomaexd.com)

6. Bstor (also known as “Bstorest”) (Websites: hxxps://www.zblyrej.top//#/ and hxxps://www.bstorest.com/h5)

7. Taurusemex (Websites: hxxps://taurusemex.com/int/#/ and hxxps://taurusemex.com/official/index.html)

The SFC highlighted that these entities allegedly offered cryptocurrency trading services, often directing potential investors to their websites via social media or messaging apps. Several investors reported encountering issues with withdrawals from these platforms. Some were informed of alleged money laundering activities or illegal funds linked to their accounts, resulting in suspended withdrawals. To reactivate accounts or process withdrawals, investors were coerced into paying excessive fees or taxes.

Of particular concern is Taurusemex, which falsely claimed SFC regulation over investor accounts.

In response, the SFC collaborated with law enforcement to block access to the respective websites. Despite these measures, the public is cautioned that perpetrators may establish new websites with similar domain names.

The SFC published the names and websites of these suspicious entities on its Suspicious Virtual Asset Trading Platforms Alert List on July 5, 2024.

Investment scams, including those involving virtual assets, exploit various platforms and channels, potentially leading to significant financial losses for investors. The public is urged to exercise caution, especially in response to overly promising investment opportunities and advice distributed via social media and messaging apps. Vigilance and skepticism are essential when making investment decisions to avoid falling victim to fraudulent schemes.

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