The Hong Kong Securities and Futures Contract Commission (SFC) has placed Globiance X Limited / Globiance HK Limited on its list of suspicious virtual asset trading platforms due to suspected unlicensed operations and investor complaints about difficulties in withdrawing assets.
The information was released on December 24th. The SFC stated that Globiance X and Globiance HK promote and operate virtual asset trading platforms, and have received complaints from investors regarding issues with withdrawing cryptocurrency or assets.
- SFC added Globiance X/Globiance HK to its list of suspicious activities.
- Suspicions arise that the cryptocurrency platform is operating without a license.
- Investors report difficulty withdrawing assets from the platform.
SFC issues warnings about Globiance X and Globiance HK.
The SFC determined that Globiance X and Globiance HK promoted and operated virtual asset trading platforms, suspected of engaging in unlicensed activities in Hong Kong.
According to an announcement on December 24th, the SFC added “Globiance X Limited / Globiance HK Limited” to its list of suspicious virtual asset trading platforms. The agency stated that the two names, “Globiance X” and “Globiance HK,” are involved in promoting and operating cryptocurrency-related platforms.
The central point of the warning is the suspicion of unlicensed operation. Being placed on a suspicious list is usually intended to warn investors of the risks of using services from platforms suspected of not complying with legal requirements.
The report reflects difficulties in withdrawing assets from investors.
Some investors have reported difficulties withdrawing assets from Globiance X / Globiance HK, according to the SFC.
The SFC stated that it had received reports from investors regarding unfavorable asset withdrawals. This information was included along with the assessment that the aforementioned platforms are suspected of operating without a license.
Given the liquidation and operational risks associated with cryptocurrency exchanges, reports of asset withdrawals are often a sign that investors need to pay particular attention to the platform's operational status, compliance, and ability to process withdrawal requests.
