Hong Kong’s Securities and Futures Commission (SFC) today issued a warning against “LonShiX” and “Bitbank (Global) Financial Holding Group”, suspected of engaging in fraudulent activities allegedly related to virtual assets.
The SFC notes that LonShiX claims to be in Hong Kong with a false address on its website. Through people falsely claiming to be bank-authorized investment professionals on social media platforms and instant messaging applications, LonShiX lures investors into opening investment accounts.
- Bitbank (Global) Financial Holding Group
The SFC notes that Bitbank (Global) Financial Holding Group has adopted a name that closely resembles that of a Japan-based cryptocurrency exchange, when in fact they are not connected.
The regulator also suspects that Bitbank (Global) Financial Holding Group may have spread false and misleading information about itself and its business through online channels, including websites and social media platforms, claiming that it has obtained SFC licenses and has start applying for a virtual asset service provider license.
None of the above claims are true, but may give a false and misleading impression that Bitbank (Global) Financial Holding Group’s services and activities are properly licensed and legal, inducing others to trade on its platform.
At the request of the SFC, the Hong Kong Police has taken steps to block access to the websites of LonShiX and Bitbank (Global) Financial Holding Group, as well as the related X accounts.
LonShiX, Bitbank (Global) Financial Holding Group and their websites were added to the SFC’s Suspicious Virtual Asset Trading Platform Alert List on 20 December 2023.
The SFC once again takes this opportunity to warn 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.