BlockBeats News, September 25th, the Securities and Futures Commission (SFC) of Hong Kong today warned the public to beware of an unlicensed trading platform named “BiyaPay.” The platform claims to provide stock trading services for Hong Kong and U.S. stocks and has an office in Hong Kong, but it has never been licensed by the SFC nor has it applied for any license from the SFC. Under Hong Kong law, conducting securities trading without a license or promoting related services to Hong Kong investors is considered illegal. The SFC identified “BiyaPay” through its social media surveillance platform and noted that the Hong Kong public can view information about the platform and register an account through BiyaPay’s official website and its social media accounts. The SFC has placed the platform on its alert list. The SFC reminds: Since the platform is not regulated by the SFC, investors have very limited protection and may even suffer total loss. Investors are advised to think twice before investing.
