Red flag raised on crypto token

The Securities and Futures Commission has warned investors about suspicious crypto-related products involving the Hong Kong International Financial Centre Token and its associated products.

The products are not regulated by the SFC so there will be no or very limited protection, and investors may lose all their funds, the regulator cautioned yesterday.

The marketing material claims that the product is approved in Hong Kong but it has not been authorized by the SFC to offer it to the Hong Kong public.

This year has seen five new suspicious investment products, including two digital token-related and three other investments.

Apart from the IFCT, Floki Staking Program and TokenFi Staking Program, Eternity forex packages, Kaplink 006 and Kaplink 007 are on the danger list.