Justin Sun: First Digital Trust is suspected of violating the Hong Kong Securities and Futures Ordinance

According to Odaily, Justin Sun publicly accused First Digital Trust (FDT) of allegedly violating Hong Kong's Securities and Futures Ordinance on X platform. Based on his disclosure: First Digital Trust (FDT) openly disregards all fiduciary obligations and regulatory norms, claiming to represent Techteryx in managing the securities investment portfolio of Aria Commodity Finance Fund worth up to $501.8 million under its own legal name. According to Hong Kong's Securities and Futures Ordinance (SFO), any individual or company providing securities portfolio management services must hold a Type 9 license from the Hong Kong Securities and Futures Commission, unless the service is limited to its wholly-owned subsidiary or provided by its 100% controlling parent company. Evidently, FDT is not only disregarding the basic principles of the trust industry but also blatantly defying Hong Kong's legal provisions regarding banking and investment. In other words, its actions completely disrespect Hong Kong's regulatory authorities and law enforcement agencies.