The Hong Kong Securities and Futures Commission (SFC) today issued a warning to the public regarding unlicensed virtual asset trading platform (VATP) International Standard Carbon Assets Technology Co., Limited which is also known as “iSCAT” or “iSCAT Exchange”.
“iSCAT” and/or “iSCAT Exchange”, which has not been licensed by the SFC, had purported to be a VATP operating in Hong Kong. It claimed to provide cryptocurrency trading services and used social media platforms to refer investors to its website and mobile application for investment in cryptocurrencies.
“iSCAT” and/or “iSCAT Exchange” refers to a purported VATP operating at hxxps:// www.iscatex[.]com and the mobile application “iSCAT Exchange”.
Under the Securities and Futures Ordinance (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, it is an offence to carry on a business in a regulated activity and 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.
The SFC added “iSCAT” and/or “iSCAT Exchange” and its respective website on the SFC’s Suspicious Virtual Asset Trading Platforms Alert List on 10 January 2025.
Once again, the SFC cautions investors against trading virtual assets on unregulated VATPs. Investors may risk losing their entire investment held on the platform if it ceases operation, collapses, is hacked or otherwise suffers from any misappropriation of assets.
