The Securities and Futures Commission (SFC) has issued a warning about “CoinUnited.io,” an unlicensed virtual asset trading platform (VATP). CoinUnited.io offers trading services in various assets but is neither licensed by the SFC nor has applied for a licence. Operating or marketing such services in Hong Kong without a licence is an offence under the Securities and Futures Ordinance and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The SFC has added CoinUnited.io to its Suspicious Virtual Asset Trading Platforms Alert List as of July 25, 2024. Investors are cautioned against using unregulated VATPs due to the risk of losing their entire investment if the platform fails or is compromised. The SFC emphasizes that it will take enforcement action against unlicensed VATPs as necessary.
Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR126