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Name: BitCloud
Type: Suspicious virtual asset trading platforms
Address(es): -
Website: https://www.tobitcloud.com/
Remarks: The entity purported to provide cryptocurrency trading services and is suspected of engaging in fraudulent activities at the above website. The entity purported to have obtained certificates from regulators in various jurisdictions, when this is not in fact the case. Investors were referred to the above website for investing in cryptocurrencies through wire transfer to designated bank accounts, but after that they reported difficulties with fund withdrawal.
Add date: 12 Apr 2024
Suspicious virtual asset trading platforms

Do not respond to suspicious virtual asset trading platform (VATP) offers if its operator is not licensed. To check whether a VATP is licensed by the SFC, please visit our List of licensed virtual asset trading platforms. 

Some VATPs that appear to operate in Hong Kong or target Hong Kong investors may not have a licence to provide virtual asset service or carry out regulated activities in the city. They may lure investors with too-good-to-be-true investment offers, falsely claim to be or soon to be licensed in Hong Kong and/or overseas, or promote themselves aggressively through social media, instant messages, so-called “key opinion leaders” (KOLs) or any other forms of advertisements.

If you deal with a VATP which is not licensed by the SFC, please note that it is unregulated and not supervised by the SFC. You may lose your entire investment held on the VATP if it ceases operation, collapses, is hacked or otherwise suffers from any misappropriation of assets. Seeking recourse against those VATPs without a nexus with Hong Kong can be very difficult and legal remedies may not be available.

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