SFC Flags Two Suspect Platforms Amid Hong Kong Scam Alert
SingTao · 1 SOURCESabout 1 hour ago2 MIN
Summary
Hong Kong police said on August 14 that the public should stay alert to investment scams, citing the Securities and Futures Commission's alert list and naming BiFinance and Polar Tensor as newly identified suspicious virtual asset trading platforms.
According to information cited at the police briefing, both platforms are suspected of trying to defraud Hong Kong investors.
Polar Tensor is reportedly preparing to stage a series of luxury events in Hong Kong this weekend, using upscale venues to project legitimacy while promoting its business.
The SFC's website states that Polar Tensor and its website are not licensed to carry on regulated activities in Hong Kong, while BiFinance is accused of falsely claiming to be licensed in Hong Kong and of suspected unlicensed activities.
Key Points
- Police said at a press conference on August 14 that residents should beware of investment fraud and check the SFC alert list for suspicious platforms.
- The two latest platforms named were BiFinance and Polar Tensor, both of which were said to be targeting Hong Kong investors.
- Polar Tensor reportedly plans to open an office in a commercial building in Causeway Bay and hold “launch” events this weekend.
- Venues linked to the planned events reportedly include a five-star hotel in Central, a harbour-view fine-dining restaurant in Tsim Sha Tsui, and a yacht in Stanley.
- Police urged the public not to download apps from unknown sources, transfer money to personal bank accounts, or trust claims of guaranteed returns.
Why It Matters
For Hong Kong investors, the case underlines how suspected fraudsters may use polished branding, premium venues and false licensing claims to appear credible.
It also reinforces the need to verify a platform's licensing status on the SFC website and to use the police anti-scam hotline 18222 before sending money or sharing personal data.