According to a report by CryptoBriefing, Hong Kong's Securities and Futures Commission (SFC) has placed Star Bridge Capital Group on its official alert list, accusing the firm of carrying out unlicensed securities and futures business in the city. Police said they had received complaints from 54 investors, who said the platform, SBCFX, triggered abnormal forced liquidations in London gold CFD trading on August 19-20, causing losses ranging from about HK$5.92 million to HK$6.63 million. Five suspects, aged 26 to 43, have been arrested and the case is listed as suspected fraud. SBCFX announced on August 24 that it was shutting down its Asia business and told customers to close positions and withdraw funds by early September. The SFC warned that the Australian and South African licenses claimed by the platform carry no legal validity in Hong Kong, and that regulated activities in Hong Kong require an SFC license. It was also reported that some clients had deposited via USDT, which increased the difficulty of tracing the funds.
Hong Kong's Securities and Futures Commission (SFC) has placed Star Bridge Capital Group on its official warning list, alleging that the firm was operating securities and futures businesses in the city without a license. Police said they have received complaints from 54 investors, who claimed that the platform's abnormal forced liquidations in London gold CFD trading between August 19 and 20 caused losses of approximately HK$5.92 million to HK$6.63 million. Five suspects, aged 26 to 43, have been arrested and the case is being classified as suspected fraud.
The SBCFX platform announced on August 24 that it would shut down its Asian operations, asking clients to close positions and withdraw funds by early September. Some clients used USDT deposits, which reportedly made it harder to trace funds. The SFC reminded investors that the platform's claimed licenses from Australia and South Africa carry no legal effect in Hong Kong, and anyone conducting regulated activities in the city must hold an SFC license.
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