Hong Kong Targets Crypto Scams: BitCloud, TCAME Flagged

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The Securities and Futures Commission (SFC) in Hong Kong issued a cautionary statement regarding two cryptocurrency trading platforms, BitCloud and TCAME. This action was taken to safeguard investors. There are concerns that these platforms have been involved in various types of investment scams related to digital assets and other deceptive crypto activities.

Approximately a week ago, an additional platform was listed on the SFC’s watchlist, marking a recent regulatory action. The SFC accused this platform of providing unauthorized crypto-trading services, specifically catered to Hong Kong users, under the guise of blockchain education.

On April 12, the Securities and Futures Commission (SFC) added BitCloud and TCAME to its list of suspect virtual asset trading platforms. This action came after we received complaints from our investors about trouble withdrawing their funds.

Two social media and chat-service platforms are under scrutiny for reportedly identifying prospective customers through these channels, only to complicate the withdrawal process later on. Upon investigation by the Securities and Futures Commission (SFC), it was uncovered that these platforms demanded additional deposits before permitting withdrawals and, in some instances, restricted account access altogether.

Initially, the Securities and Futures Commission (SFC) discovered that BitCloud and TCAME had misrepresented licenses and certifications from various financial authorities to boost their credibility. Specifically, BitCloud’s platform was found to contain fabricated certifications from the Financial Crimes Enforcement Network and National Futures Association. Additionally, TCAME’s supposed licenses from St. Vincent, Canada, and the Philippines have been called into question.

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2024-04-12 23:36