Hong Kong SFC Warns Against Suspicious Crypto Trading Platforms TCAME and BitCloud

The Securities and Futures Commission (SFC) of Hong Kong issued an announcement on Friday, warning the public to beware of entities operating under the names of "TCAME" and "BitCloud" for suspected virtual asset-related fraudulent activities and falsely claiming to be licensed or certificated in various jurisdictions.

According to the announcement, both entities claim to provide cryptocurrency trading services and use social media platforms or instant messaging apps to refer investors to their respective websites to register as a user for investment in cryptocurrencies. Investors subsequently reported withdrawal issues, including being required to make additional "deposits" to process withdrawals, while some said their accounts were frozen subsequently.

TCAME is a purported virtual asset trading platform operating at app.tcame.vip. TCAME claimed that it has St Vincent FSA licence for trading operation, Canadian Money Services Business licence and Philippines BSP licence. However, none of the licences shown on the website appear to be genuine.

BitCloud is a purported virtual asset trading platform operating at https://www.tobitcloud.com/. BitCloud purported to have obtained certificates from the Financial Crimes Enforcement Network and the National Futures Association respectively when in fact this is not the case.

The SFC posted these entities and their related websites on the SFC's Suspicious Virtual Asset Trading Platforms Alert List on 12 April 2024. While their websites are now inaccessible, the public should beware that new websites with similar domain names may be created to mislead investors.

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.