Hong Kong Securities and Futures Commission: Beware of the unlicensed trading platform named "BiyaPay"

ChainCatcher news, the Hong Kong Securities and Futures Commission (SFC) warns the public to be cautious of an unlicensed trading platform named "BiyaPay." The platform claims to offer stock trading services in Hong Kong and the United States and has an office in Hong Kong, but it has never been licensed by the SFC and has never applied for any licenses from the SFC.

According to Hong Kong law, operating securities trading without a license or promoting related services to Hong Kong investors is illegal. The SFC discovered "BiyaPay" through its social media monitoring platform and noted that the Hong Kong public can access platform information and register accounts through BiyaPay's official website and its social media accounts. The SFC has placed this platform on its warning list. The SFC reminds you: since the platform is not regulated by the SFC, the protection for investors is very limited, and they may even suffer total losses. Investors are advised to think carefully before investing.