Hong Kong Flags "Floki" and “TokenFi” Staking Programs

<p>Hong Kong has issued a warning regarding two
suspicious investment offerings named "Floki Staking Program" and
"TokenFi Staking Program." These programs, enticing investors with promises of
sky-high annual returns ranging from 30% to over 100%, have caught the attention
of the Securities and Futures Commission (SFC)for their dubious nature.</p><p>Concerns over Crypto Staking Programs</p><p>The SFC, responsible for overseeing financial
activities in Hong Kong, has raised concerns over the legitimacy of these
staking programs. According to the watchdog, neither "Floki Staking
Program" nor "The TokenFi Staking Program" has received
authorization from the SFC to offer services to Hong Kong's public.</p><p>Additionally, the administrators of these programs
have allegedly failed to provide satisfactory explanations regarding the
feasibility of achieving such lofty returns. The SFC has cautioned against
engaging in "staking" arrangements involving virtual assets, as they
may constitute unauthorized collective investment schemes.</p><p>Compliance and Enforcement </p><p>The regulator noted that investors participating in
such offers would not be protected under the SFO's regulations, leaving them
vulnerable to substantial financial losses.</p><p>The SFC has emphasized its commitment to enforcing
regulatory standards and protecting investors from fraudulent schemes. It
mentioned that any breach of the law, including the promotion of unlicensed
collective investment schemes, will be met with appropriate legal action.</p><p>A Fraud Survey</p><p>We invite you to participate in our joint survey conducted
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This article was written by Jared Kirui at www.financemagnates.com.