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The Securities and Futures Commission (SFC) of Hong Kong has raised a red flag, advising the public to exercise caution when considering high-yield crypto investment schemes. Notably, the SFC has singled out the "Floki Staking Program" and the "TokenFi Staking Program" as potentially risky ventures.
Floki Response
In response to the SFC's alert, the Floki team addressed concerns during a live discussion on X (formerly Twitter). While unable to disclose specifics of their conversations with the SFC, the team clarified that they had engaged a marketing agency to promote the Floki and TokenFi Staking Programs, believing they had obtained approval for their activities.
According to Coinfomania, regarding the future of their marketing campaign in Hong Kong, the Floki team refrained from providing details but assured investors of their dedication to complying with regulatory requirements.
In conclusion, the SFC remains steadfast in protecting investors from potential scams and fraudulent schemes in the crypto investment space. Investors are advised to stay vigilant and seek guidance before engaging in high-yield investment opportunities.
Unauthorized Offerings Under Scrutiny
The SFC has explicitly stated that neither the "Floki Staking Program" nor the "TokenFi Staking Program" is authorized to solicit investments from the Hong Kong public. These schemes, which promise unusually high annualized returns ranging from 30% to over 100%, have caught the regulator's attention due to their questionable nature.
Furthermore, the administrators behind these offerings have failed to convince the SFC that achieving such ambitious returns is feasible, raising concerns about the legitimacy of these investment products.
Risks and Regulatory Measures
Highlighting the prevalence of information about these schemes online, the SFC swiftly added both products to its Suspicious Investment Products Alert List on January 26.
According to Crypto News, the commission has emphasized the potential classification of these schemes as unauthorized collective investment schemes, warning investors about the associated high risks.
Investors are urged to exercise vigilance, especially when encountering investment opportunities that promise seemingly unrealistic returns. The SFC reiterates its commitment to regulatory oversight and vows to take appropriate action against any breaches of the law.
Photo: John Schnobrich/Unsplash
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