Hong Kong Regulator Issues Warning on Suspected Crypto Fraud Involving HongKongDAO and BitCuped

Hong Kong's Securities and Futures Commission (SFC) has issued a warning about suspected fraud involving crypto entities Hong Kong Digital Research Institute and BitCuped. The SFC has blocked access to the websites of both companies and issued cease and desist letters to their operators. The regulator suspects HongKongDAO of disseminating false and misleading information about itself and its business, which could encourage individuals to invest in the HKD token believing its services were properly licensed and legitimate.