According to the Hong Kong Securities and Futures Commission (SFC), the regulator added StableStock and HabitTrade to its warning list on May 8 after discovering that the unlicensed platforms were inducing the public to use their services through online videos. The platforms claimed they could facilitate cryptocurrency purchases of Hong Kong stock IPOs and were allegedly collaborating with each other. Neither platform holds an SFC license and is prohibited from conducting any regulated activities in Hong Kong or promoting services to Hong Kong residents.
The SFC reminded the public that unregulated platforms operate outside its oversight, leaving investors with minimal protections and risking total loss of funds.
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