Hong Kong Authorities Block Two Crypto Websites Suspected of Fraud The Securities and Futures Commission (SFC)
of Hong Kong has issued a public warning regarding two crypto firms suspected of engaging in fraud. The watchdog has cautioned the public to be wary
of “LonShiX” and “Bitbank (Global) Financial Holding Group,” both allegedly engaging in activities related to virtual assets. Earlier this month,
Hong Kong SFC had crakced down on two crypto websites suspected of engaging in fraudulent activities. LonShiX, operating under false pretenses,
claimed a Hong Kong address on its website, misleading potential investors. The entity enticed individuals to open investment accounts
by falsely presenting itself as a recognized investment professional endorsed by banks across various social media platforms and instant messaging services. Similarly,
the SFC expressed concern about Bitbank (Global) Financial Holding Group, highlighting its name’s striking similarity
to a legitimate Japanese cryptocurrency exchange. Despite this resemblance,
the two entities are unrelated. The SFC suspects Bitbank
(Global) Financial Holding Group of disseminating false and misleading information online, including claims of possessing an SFC license and purportedly applying for a virtual asset service provider license.
