Hong Kong SFC Issues Warning Against Suspicious Crypto Trading Platform Sure X

The Securities and Futures Commission (SFC) of Hong Kong issued an announcement on Friday, warning the public to beware of a purported virtual asset trading platform (VATP) operating under the name of "Sure X" (also known as "Sure Bit International Pte Ltd / Sure Bit International Ltd / Sure 9").

According to the announcement, Sure X may have actively marketed its purported VATP services to Hong Kong investors without a licence under the guise of providing education and training on blockchain and cryptocurrencies.

SFC further explained: "Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, it is an offence to carry on a business of providing a virtual asset service (ie, operating a virtual asset exchange) in Hong Kong and/or actively market such services to Hong Kong investors without a licence."

Although it appears that Sure X's platform websites are not accessible, the SFC has observed that Hong Kong investors may still be able to access the websites and the trading platform through alternative means on the internet and register as new users. As a result, the SFC has added Sure X and its websites to the Suspicious Virtual Asset Trading Platforms Alert List on April 5th, 2024.

The Hong Kong regulator cautions investors against trading virtual assets on unregulated VATPs. These platforms may employ different tactics to indirectly promote their trading services, such as organizing seminars and courses that supposedly offer "education and training" opportunities. If the platform shuts down, faces financial difficulties, experiences a cyber attack, or undergoes any form of asset misappropriation, investors run the risk of losing their entire investment held on the platform.

During the past month, the SFC has been actively updating its Suspicious Virtual Asset Trading Platforms Alert List by including numerous unregulated VATPs, including EDY​, HKCEXP, KKR Global​, MEXC​, and Bybit, etc.