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BTC $70,996.14 -2.75%
ETH $2,067.15 -3.56%
BNB $648.54 -1.45%
XRP $1.42 -4.56%
SOL $81.67 -4.53%
TRX $0.2795 -0.47%
DOGE $0.0974 -3.83%
ADA $0.2735 -4.22%
BCH $457.17 -2.56%
LINK $8.64 -2.97%
HYPE $28.98 -1.81%
AAVE $122.61 -3.42%
SUI $0.9138 -6.63%
XLM $0.1605 -4.62%
ZEC $260.31 -8.86%

warning

CoinW releases a security alert, warning against the risks of counterfeit websites and applications inducing transfer

CoinW recently issued an official announcement reminding that a scam activity involving fake websites and mobile applications (Apps) has been detected. The scammers maliciously impersonated CoinW's name, graphics, logo, and brand image.The scammers targeted potential victims through publicly available information on the internet and social media platforms like LinkedIn. They used the victims' social profiles to verify their locations and establish initial contact, subsequently luring users to move the communication to Telegram. Scammers commonly employ manipulative tactics (including fabricating "luxurious lifestyle" stories) to deceive victims into transferring cryptocurrency to wallet addresses under their control. CoinW solemnly reminds: please be sure to access the official website or download the app through official channels. If you have doubts about the source of information, please contact the CoinW legal team for verification immediately. If you discover suspicious websites or counterfeit applications, please stop all operations and report them to the official channels. CoinW stated that it will continue to strengthen the construction of its security and risk control system, maintain a safe, fair, and transparent trading environment, and firmly support global anti-fraud, anti-money laundering, and sanctions compliance efforts.

Hong Kong's new regulations for cryptocurrency asset management face industry resistance, with the association warning that the "all or nothing" licensing requirement may stifle innovation

The Hong Kong securities industry group has expressed objections to the city's proposed regulatory framework for digital asset management, warning that the related reforms could hinder traditional asset management institutions from venturing into the cryptocurrency space.In a submission to regulators on Tuesday, the Hong Kong Securities and Futures Professionals Association opposed a proposed regulatory adjustment that would eliminate the existing "minimum exemption threshold" for Type 9 asset managers. According to a report by local law firm JunHe, under the current framework, institutions holding a Type 9 license (which covers discretionary portfolio and asset management services) are only required to notify regulators without applying for additional license upgrades if they allocate less than 10% of their total fund assets to crypto assets.The Hong Kong Securities and Futures Professionals Association pointed out that the proposed reform would remove this threshold, meaning that even a 1% exposure to Bitcoin would require obtaining a full virtual asset management license. The industry group stated that this "all or nothing" regulatory approach lacks proportionality and believes that it will still incur significant compliance costs even with limited risk exposure, potentially deterring traditional management institutions from attempting to engage with the crypto asset category.This industry backlash targets a regulatory framework that has already entered the fast lane. In December last year, Hong Kong authorities released a consultation summary report on related reform proposals following a public consultation that began in June. The Financial Services and the Treasury Bureau and the Securities and Futures Commission have initiated further consultations on introducing a supplementary licensing system for crypto asset trading, advisory, and management services.
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