Techub News reported that Saxo Financial (Hong Kong) Limited has been censured by the Hong Kong Securities and Futures Commission (SFC) and fined HK$4 million for regulatory failures in distributing virtual asset funds and virtual asset-related products not approved by the SFC on its online trading platform. Between November 1, 2018 and November 25, 2022, the company allowed retail clients to trade certain virtual asset products that should have been sold only to professional investors, and executed 1,446 transactions for 6 individual professional investors and 130 retail clients involving 32 virtual asset products (including 21 exchange-traded derivative virtual asset products).
Techub News reported that Saxo Financial (Hong Kong) Limited has been censured by the Hong Kong Securities and Futures Commission (SFC) and fined HK$4 million for regulatory failures in distributing virtual asset funds and virtual asset-related products not approved by the SFC on its online trading platform. Between November 1, 2018 and November 25, 2022, the company allowed retail clients to trade certain virtual asset products that should have been sold only to professional investors, and executed 1,446 transactions for 6 individual professional investors and 130 retail clients involving 32 virtual asset products (including 21 exchange-traded derivative virtual asset products).