The Hong Kong Securities and Futures Commission warns the public to be cautious of seven entities including XTCQT and CEG suspected of engaging in fraud related to virtual assets
ChainCatcher news, according to an official announcement, the Hong Kong Securities and Futures Commission (SFC) warns the public to be cautious of seven entities suspected of engaging in fraudulent activities related to virtual assets. They operate under the following names: XTCQT, CEG, BTEPRO, Bitones.org, Yomaex Crypto Market Limited (also known as "Yomaex"), Bstor (also known as "Bstorest"), and Taurusemex.The SFC stated that the suspected entities claim to provide cryptocurrency trading services, and some of these entities have allegedly used social media platforms or instant messaging software to guide investors to their respective websites to register as users for cryptocurrency investments. Some investors reported issues when attempting to withdraw funds from the suspected entities. In certain cases, the suspected entities claimed that investors' accounts were involved in money laundering activities or illegal funds, thereby suspending withdrawals. Investors were asked to pay high "fees" or "taxes" to process their withdrawal requests or to reactivate suspended accounts. One of the suspected entities, Taurusemex, even falsely claimed that investors' accounts were regulated by the SFC. The police have taken action to block the relevant websites at the request of the SFC. Although the police have acted, the public should be wary of fraudsters who may continue to create similarly named websites. The suspected entities and their respective websites were included in the SFC's warning list of suspicious virtual asset trading platforms on July 5, 2024.
