Hong Kong SFC Warns Against Platforms StableStock and HabitTrade Claiming to Allow IPO Subscriptions with Virtual Currency

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On May 8, according to official news, the Hong Kong Securities and Futures Commission (SFC) issued a warning and included the unlicensed platforms StableStock and HabitTrade on its alert list. The SFC stated that online videos are misleading the public into using the StableStock platform, which claims to allow subscriptions for Hong Kong stock IPOs using virtual currency and asserts a partnership with HabitTrade. The SFC pointed out that neither institution is licensed by the SFC, is prohibited from engaging in any regulated activities in Hong Kong, and is not allowed to promote services to the public.

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