Hong Kong's Markets Regulator Issues Warning Against Crypto Exchange BitForex
Summary
Hong Kong's Securities and Futures Commission (SFC) has issued a warning about cryptocurrency exchange BitForex due to suspected fraud. This follows an incident on February 23 when BitForex went offline after $57 million was reportedly withdrawn from its hot wallets. The SFC stated that BitForex, which claims to be headquartered in Hong Kong, has not been licensed by the SFC nor applied for a license to operate a Virtual Asset Trading Platform (VATP) in Hong Kong. The SFC has requested the Hong Kong Police Force to block access to BitForex's website links and social media pages after victims reported being unable to access their accounts or withdraw assets. BitForex is also licensed to operate in Canada.
