The encrypted social investment platform Kikitrade plans to suspend the sale of savings products in Hong Kong at the end of this month in response to regulatory requirements
ChainCatcher news, according to Media-outreach, the crypto social investment platform Kikitrade announced that it will suspend offering flexible savings and fixed savings products for Hong Kong users starting from December 30, 2022, in response to the regulation of digital token assets by the Hong Kong Securities and Futures Commission (SFC). Other services of the company will not be affected.According to the company's co-founder and CEO Sean Tao, they are currently in communication with the Hong Kong SFC to adjust their services and are working hard to apply for a licensed virtual asset trading platform to comply with applicable laws and regulations and fulfill their commitments to users while conducting business.ChainCatcher previously reported that Kikitrade completed a $6 million financing round in April this year, led by AppWorks and Media Asia, with participation from Audeo Ventures. (Source link)