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Hong Kong Securities and Futures Commission: Beware of unlicensed trading platform named "BiyaPay".
PANews, September 25 - The Hong Kong Securities and Futures Commission today warned the public to be cautious of an unlicensed trading platform named "BiyaPay". The platform claims to offer stock trading services in Hong Kong and the United States and has an office in Hong Kong, but it has never been licensed by the SFC and has never applied for any licenses from the SFC. According to Hong Kong law, operating securities trading without a license or promoting related services to Hong Kong investors is illegal. The SFC discovered "BiyaPay" through its social media monitoring platform and noted that the public in Hong Kong can access information about the platform and register accounts through BiyaPay's official website and its social media accounts. The SFC has included the platform on its warning list. The SFC reminds you: since the platform is not regulated by the SFC, the protections available to investors are very limited, and they may even incur total losses. Investors should think carefully before investing.