Hong Kong SFC Issues Warning to Public of Suspicious & Non-Authorized Investment Products Cryptocurrency Staking Services with High Annualized Return
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Hong Kong SFC Issues Warning to Public of Suspicious & Non-Authorized Investment Products Cryptocurrency Staking Services with High Annualized Return of 30% to More than 100%, Investment Products Named Floki Staking Program & TokenFi Staking Program 30th January 2024 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has issued a warning to public of suspicious & non-authorized investment products of cryptocurrency staking services with high annualized returns of 30% to more than 100%, with the investment products named Floki Staking Program and TokenFi Staking Program. Hong Kong SFC: “The Securities and Futures Commission (SFC) today warned the public of suspicious investment products named “Floki Staking Program” and “TokenFi Staking Program”, both of which involve cryptocurrency staking services and claim to offer high annualised return targets of 30% to over 100%. The two products have not been authorised by the SFC for offering to the Hong Kong public. The administrator of the two products has also not been able to demonstrate to the SFC’s satisfaction how the high annualised return targets could be achieved. The SFC wishes to warn investors of “staking” arrangements relating to virtual assets. As these arrangements could amount to unauthorised collective investment schemes and may be highly risky (Note 3), their investors have very limited or no protection under the Securities and Futures Ordinance (SFO) and they may lose all their investments. Investors should also be cautious about investment products that claim to offer “too-good-to-be-true” returns and stay vigilant when making investment decisions.” More info below:
“ Hong Kong SFC Issues Warning to Public of Suspicious & Non-Authorized Investment Products Cryptocurrency Staking Services with High Annualized Return of 30% to More than 100%, Investment Products Named Floki Staking Program & TokenFi Staking Program “
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Hong Kong SFC Issues Warning to Public of Suspicious & Non-Authorized Investment Products Cryptocurrency Staking Services with High Annualized Return of 30% to More than 100%
Hong Kong, Asia’s leading financial centre 26th January 2024 – The Securities and Futures Commission (SFC) today warned the public of suspicious investment products named “Floki Staking Program” and “TokenFi Staking Program”, both of which involve cryptocurrency staking services and claim to offer high annualised return targets of 30% to over 100%. The two products have not been authorised by the SFC for offering to the Hong Kong public (Notes 1 and 2). The administrator of the two products has also not been able to demonstrate to the SFC’s satisfaction how the high annualised return targets could be achieved.
The SFC notes that information regarding these two products and the products themselves are accessible to the Hong Kong public via the internet. This led the SFC to post the two products and their related information on the SFC’s Suspicious Investment Products Alert List on 26 January 2024.
The SFC wishes to warn investors of “staking” arrangements relating to virtual assets. As these arrangements could amount to unauthorised collective investment schemes and may be highly risky (Note 3), their investors have very limited or no protection under the Securities and Futures Ordinance (SFO) and they may lose all their investments. Investors should also be cautious about investment products that claim to offer “too-good-to-be-true” returns and stay vigilant when making investment decisions.
The SFC will take all appropriate actions where there is any breach of the law.
Notes:
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