SFC Warns Against ‘CBEX Group’ and ‘Bitget Pro’ for Crypto Fraud

by Fintech News Hong Kong

April 25, 2024

The Securities and Futures Commission (SFC) has issued a public alert concerning fraudulent activities by two virtual asset service providers, “CBEX Group” and “Bitget Pro”. 

The SFC’s warning follows reports from investors about difficulties in withdrawing assets and unauthorised withdrawals, suggesting these platforms may be issuing false withdrawal records.

In response, the SFC has collaborated with the Hong Kong Police Force to block access to the websites linked to these entities.

Despite these measures, the public is advised to remain cautious as fraudulent operators may continue to set up similar deceptive sites.

Furthermore, both “CBEX Group” and “Bitget Pro” have been added to the SFC’s Suspicious Virtual Asset Trading Platforms Alert List as of 23 April 2024. 

Investigations reveal that CBEX Group, under the guise of being affiliated with legitimate trading bodies and falsely claiming compliance with licensing requirements in Canada and Japan, has been misleading investors.

Bitget Pro’s operations are found on multiple websites, further complicating the tracking and enforcement of its activities.

The SFC urges investors to stay vigilant and conduct thorough checks before engaging with any online investment platforms.

The prevalence of online scams involving various assets highlights the need for heightened awareness and precaution in investment activities.

Featured image credit: Edited from Freepik

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