HK SFC's Warning: These Seven Entities Suspected of Virtual Asset-Related Fraud

On 5 July 2024, the Securities and Futures Commission of Hong Kong (HK SFC) added seven suspected entities and their respective websites to its Suspicious Virtual Asset Trading Platforms Alert List.

HK SFC warned the public of the seven entities suspected of engaging in fraudulent activities purported to be related to virtual assets. The SFC noted that the suspected entities purport to provide cryptocurrency trading services and some of them utilized social media platforms or instant messaging apps to refer investors to their respective websites to register as a user for investment in cryptocurrencies.

They are operating under the names and websites of:

XTCQT

hxxps://xtcqt[.]com

CEG 

hxxps://cegapes[.]com

BTEPRO

hxxp://btepro[.]com

Bitones.org

Bitones[.]org

Yomaex Crypto Market Limited (also known as “Yomaex”)

www[.]yomaexd[.]com

Bstor (also known as “Bstorest”) 

hxxps://www[.]zblyrej[.]top//#/, hxxps://www[.]bstorest[.]com/h5

Taurusemex

hxxps://taurusemex[.]com/int/#/, hxxps://taurusemex[.]com/official/index[.]html

Investors have reported withdrawal issues with the suspected entities. In some cases, the suspected entities would claim money laundering activities or illegal funds were involved in investors' accounts and thus suspend withdrawals. Investors were required to pay exorbitant "fees" or "tax" for withdrawals or reactivation of suspended accounts.

One of the suspected entities, Taurusemex, also falsely claimed that investors’ accounts were regulated by the SFC.

HK SFC Reminds People

At the SFC’s request, the police have taken steps to block access to relevant websites. Notwithstanding the action taken, the public should beware that scammers may continue to create websites with similar domain names.

Online investment scams may involve any type of asset and are perpetrated through multiple channels, and investors may suffer substantial losses. The public should be cautious about too-good-to-be-true investment opportunities and advice posted on social media platforms and via instant messaging apps. Investors should stay vigilant and beware of fraud when making investment decisions.