The SFC, which is the regulator in Hong Kong, issued a warning about two cryptocurrency trading platforms, BitCloud and TCAME. The move was aimed at protecting investors. These platforms, in particular, are suspected to have created many different forms of asset-related scams and other crypto-related frauds.
The other platform got added to the list of the alert of SFC just a week ago which is the recent activity of the SFC. The regulator alleged that it offered crypto-trading services acting as blockchain education tailored specially for the Hong Kong users without authorization.
On the 12 of April the SFC placed BitCloud and TCAME on its Suspicious Virtual Asset Trading Platforms Alert List. This followed reports of our investors having difficulties with withdrawal messages.
The two platforms are accused of having used social media and chat services among others for targeting the potential customers and then later on making the process of withdrawal a problem. The SFC investigated and found that these platforms had requested extra deposits for withdrawals and even blocked access to some accounts altogether.
Firstly, SFC, the regulatory body, stated that BitCloud and TCAME falsely used licenses and certificates from such financial authorities to prove higher credibility. This particular platform of BitCloud is stated to feature lies about certifications from Financial Crimes Enforcement Network and National Futures Association, while claims of TCAME as possessing licenses from St. Vincent, Canada and the Philippines have also been brought out.
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