Hong Kong’s Securities and Exchange Commission (SFC) today warned the public about entities operating under the names ‘TCAME’ and ‘BitCloud’.
Entities are suspected of engaging in fraudulent asset-related activities and falsely claiming to be licensed or certified in various jurisdictions.
- TCAME refers to a purported virtual asset trading platform operating at app.tcame.vip. TCAME claimed to have a St Vincent FSA license to do business, a Canadian Money Services Business license and a BSP Philippines license. However, none of the licenses displayed on the site appear to be genuine.
- BitCloud refers to an alleged virtual asset trading platform operating on BitCloud, which is supposed to have obtained certificates from the Financial Crimes Enforcement Network and the National Futures Association respectively, when in fact this is not the case.
Both entities claim to provide cryptocurrency trading services and use social media platforms or instant messaging apps to refer investors to their respective websites to register as users for cryptocurrency investments. Investors subsequently reported withdrawal issues, including having to make additional “deposits” to process withdrawals, with some saying their accounts were subsequently frozen.
Both entities and their respective websites were added to the SFC’s Alert List for Suspicious Virtual Asset Trading Platforms on 12 April 2024. While their websites are no longer accessible, the public should be aware that new similar websites may be created domain names to mislead investors.
Online investment scams can involve any type of asset and are perpetrated through multiple channels. Those who fall victim can suffer significant losses.
The SFC once again warns the public to be cautious about investment opportunities and advice posted on social media platforms and through instant messaging applications. Investors should remain vigilant and watch out for fraud when making investment decisions.