Over the past year or so, the cryptocurrency market has been hit by a series of regulatory storms. HOUNAX, a virtual currency trading platform, has been listed as an unlicensed company and a suspicious website by the China Securities Regulatory Commission, and more than 18 people have been suspected of scams so far, involving more than 1 million yuan. The Chief Executive Officer of the SFC, Julia Leung, said that a total of 2 related complaints have been received so far, ranging from $1,000 to $11 million, and that HOUNAX has been included in the list of unlicensed companies and suspicious companies on November 1, and will continue to cooperate with the Police.
HOUNAX, a virtual currency trading platform, has been listed as an unlicensed company and a suspicious website by the Securities and Futures Commission. (File photo/Photo by Su Weiran)
The Chief Executive Officer of the SFC, Julia Leung, said that suspicious activities on the HOUNAX platform had been observed earlier and that HOUNAX had been added to the list of unlicensed companies and suspicious companies on 11 November. It was only a month after receiving the first complaint at the end of September that the SFC classified it as an "unlicensed company and suspicious website".
Leung said that after receiving the complaints, she has started investigations, exchanged intelligence and provided assistance with the Police, and has received a total of 18 related complaints ranging from $1,2 to $1 million. She stressed that there will be zero tolerance for all market violations, and that she will not sit idly by and will take swift measures to protect investors.
The Chief Executive Officer of the SFC, Julia Leung. (Photo by Huang Weilun)
Leung pointed out that HOUNAX is not a licensed virtual asset trading platform and has not applied for a license, but the SFC has no power to stop the operation of non-licensed institutions. She reminded that HOUNAX fraudsters ask investors to deposit funds into third-party accounts, and claim to be investment experts, inviting investors to join instant messaging software groups to share "investment tips", and members will also boast of the accuracy of the tips and high rate of return, and when the victim redeems the funds, they will refuse in various ways, or ask the victim to deposit funds to unfreeze the account.
Leung Fung Yee appealed to the public not to deposit any more money and report it to the police as soon as possible, as the fraudsters only want to defraud more money. "They are all fraudsters who want investors to increase their weight, and the parties who want to renew their funds will use various methods to refuse, including a colleague's statement that they will charge a high handling fee."
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In February 2022, the cryptocurrency platform JPEX sold advertisements in Hong Kong. （Anthony Kwan / Getty Images）
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