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International Business Times
International Business Times
Business
Marvie Basilan

EXPLAINED: Hong kong regulator flags bitforex for suspected fraud | Rare Historical Photos

Less than a year after Japan flagged BitForex, Hong Kong's securities regulator has also warned users against the crypto exchange -- its website has been dark since late last month. (Credit: Bybit/flickr.com)

KEY POINTS

  • HK's SFC said BitForex is "suspected of engaging in fraudulent activities"
  • BitForex has been added to Hong Kong's Alert List of "suspicious virtual asset trading platforms"
  • The exchange was also flagged by Japan's financial regulator last year

Hong Kong's securities and futures regulator on Monday warned markets and users against cryptocurrency exchange BitForex after it went offline late last month following reported withdrawals of $57 million from hot wallets.

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