SFC warns public against unlicensed virtual asset trading platform iSCAT

The Securities and Futures Commission (SFC) has issued a warning regarding an unlicensed virtual asset trading platform, International Standard Carbon Assets Technology Co., Limited, also known as “iSCAT” or “iSCAT Exchange.” The platform falsely claimed to operate as a licensed virtual asset trading platform (VATP) in Hong Kong, offering cryptocurrency trading services and using social media to direct investors to its website and mobile app. Under Hong Kong’s Securities and Futures Ordinance (SFO) and Anti-Money Laundering and Counter-Terrorist Financing Ordinance, it is illegal to operate or market such services without proper licensing. As of 10 January 2025, “iSCAT” has been added to the SFC’s Suspicious Virtual Asset Trading Platforms Alert List. The SFC warns investors about the risks of using unregulated platforms, including potential loss of funds due to platform failure, hacking, or fraud, and advises checking the licensing status of VATPs on its official list. The SFC emphasizes its commitment to taking enforcement action against unlicensed or fraudulent platforms when necessary. Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=25PR3