SFC warns public of BitForex for suspected virtual asset-related fraud

The Securities and Futures Commission (SFC) today warned the public of suspected virtual asset fraud involving a purported virtual asset trading platform (VATP) operating under the name of BitForex (Note 1).

BitForex, purportedly headquartered in Hong Kong, has neither been licensed by the SFC nor applied to the SFC for a licence to operate a VATP in Hong Kong.

It has come to the SFC’s attention that victims have experienced increasing difficulties over the past few days in withdrawing assets from the platform under the guise of "wallet and website maintenance". Victims are now reporting that the website of BitForex has been shut down, thus preventing them from accessing their own accounts and withdrawing assets held with BitForex.

The SFC posted BitForex and its websites on the Suspicious Virtual Asset Trading Platforms Alert List on 4 March 2024. At the SFC’s request, the Hong Kong Police Force has taken steps to block access to relevant websites links and take down relevant social media pages.

Once again, the SFC warns investors to be wary of the risks of trading virtual assets on an unregulated VATP. Investors may risk losing their entire investment held on the platform if it ceases operation, collapses, is hacked or otherwise suffers from any misappropriation of assets. If in doubt about the licensing status of any VATP, please refer to the SFC’s List of licensed virtual asset trading platforms.

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Note:

BitForex operates (1) its websites https://bitforex.com and https://support.bitforex.com, (2) its Facebook page https://www.facebook.com/bitforexcom/, (3) its LinkedIn page https://hk.linkedin.com/company/bitforexexchange/, (4) its X page https://twitter.com/bitforexcom, (5) its YouTube Channel page https://www.youtube.com/@bitforexofficial9256, (6) its Telegram groups https://t.me/BitForex_official_news, https://t.me/BitForexEnglish, https://t.me/BitForexClub, https://t.me/BitForexKorean, https://t.me/BitForexVietnamese.