SFC warns public of TCAME and BitCloud for suspected virtual asset-related fraud

The Securities and Futures Commission (SFC) has issued a warning regarding two entities, “TCAME” and “BitCloud,” suspected of engaging in fraudulent activities related to virtual assets. These entities falsely claim to be licensed or certified in various jurisdictions and offer cryptocurrency trading services. They use social media platforms and instant messaging apps to direct investors to their websites for registration. Investors have reported issues with withdrawals, including demands for additional deposits and frozen accounts. To address this concern, both entities and their websites have been listed on the SFC’s Suspicious Virtual Asset Trading Platforms Alert List. Although their websites are currently inaccessible, the public should remain cautious as new websites with similar domain names may emerge to deceive investors. The SFC advises individuals to exercise caution when encountering investment opportunities and advice on social media platforms and instant messaging apps, as online investment scams can involve various assets and lead to significant financial losses. It is crucial for investors to stay vigilant and be mindful of potential fraud when making investment decisions Resources: https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=24PR66