The Hong Kong Securities and Futures Commission (SFC) has issued a stern warning to investors about three entities suspected of engaging in fraudulent activities related to virtual assets or operating without a license.

Tokencan, a purported cryptocurrency trading platform, has been accused of deceiving investors through social media channels and providing false information to the SFC. Customers have reported issues with withdrawals and being barred from accessing their accounts.

Another entity, VBIT Exchange, has been marketing its services as a virtual asset trading platform (VATP) without the required license. It has also falsely claimed to be registered with various authorities.

The SFC also cautioned investors about HKD.com Corporation, which uses a similar name and logo to another VATP but has no affiliation with it. Investors have faced difficulties in withdrawing their funds from this platform.

In response, the Hong Kong Police have taken steps to block access to the websites and social media channels of these entities. The SFC has reiterated the importance of engaging only with licensed VATPs and remaining vigilant against potential investment scams.

This crackdown by the Hong Kong regulator underscores its commitment to safeguarding investors and positioning the city as a global crypto hub, as it continues to take measures to regulate the virtual asset industry.