Hong Kong SFC Issues Warning Against Suspicious Crypto Trading Platform EDY

The Securities and Futures Commission (SFC) of Hong Kong warned the public of suspected virtual asset-related fraud involving a purported virtual asset trading platform operating under the name of "EDY".

EDY falsely claims to be affiliated to a financial institution in Hong Kong and a digital token system developed by another financial institution, when in fact they are not associated.

Victims have reported that they are unable to withdraw funds from the platform after making deposits.

While the platform's website is now inaccessible, the public should beware that EDY may create new ones with similar domain names to mislead investors.

The SFC posted EDY and its website on the SFC's Suspicious Virtual Asset Trading Platforms Alert List on 25 March 2024.

The regulator reminds the public that online investment scams may involve any type of assets and are perpetrated through multiple channels, and falling victims to these scams can result in substantial losses. Therefore, investors should stay vigilant and beware of fraud when making investment decisions.