,Hong Kong
29 views

SFC warns against Binance trading

The watchdog said no entity under the Binance Group is licenced in Hong Kong.

The Securities and Futures Commission (SFC) has issued a warning that no entity under the Binance Group is licenced or registered to conduct a regulated activity in Hong Kong.

This comes amidst reports that Binance has offered trading services in-stock tokens in various jurisdictions, which may include Hong Kong. The SFC noted Binance operates at this website: https://www.binance.com/zh-HK.

“The SFC does not tolerate any violations of the securities laws and will not hesitate to take enforcement action against unlicensed platform operators where appropriate,” SFC Executive Director of Enforcement Thomas Atkinson said in a statement.

“Investors should be wary of the risks of trading virtual assets on an unregulated platform. If the platform ceases operation, collapses, or is hacked, investors may face the possible risk of losing their entire investments held on the platform.”

The SFC explained stock tokens are virtual assets represented to be backed by different depository portfolios of underlying overseas-listed stocks with their prices closely tracking the performance of the respective stocks.

It is being promoted as alternative means for investors to purchase fractional shares instead of fully paid-up shares.

The SFC warns that where the Stock Tokens are “securities,” marketing, or distributing such tokens, whether in Hong Kong or targeting Hong Kong investors, constitute a “regulated activity” and require a licence from the SFC unless an applicable exemption applies.

It may also be an offence for any person to offer such tokens to the Hong Kong public without the SFC’s authorisation or registration. Any person who contravenes a relevant provision may be prosecuted and, if convicted, subject to criminal sanctions.

Get Hongkong Business in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

After transferring their existing installment loan, customers can enjoy a first 24-month principal payment holiday.
It reported a HK$1.4b loss in the same period last year.
The company recorded $811m over the same period in 2020.
Residents who stayed in Macau in the last 14 days will be ineligible to return to Hong Kong.
Total consideration for the sales amounted to $94b.
Some 10,000 eligible residents may win a free tour.
Its earnings reached HK$4,615m from HK$6,010m. 
The bulk of the proceeds will be used to fund R&D initiatives.
The bank linked this to macroeconomic conditions that put pressure on its net interest margin.
Scholars and fellows could receive up to $300,000 per year.
China’s oversight of the private sector in the past weeks has raised concerns and panic.
This was partially due to IPOs during the month.
The majority of whom will likely use their credit cards to top up.