Kikitrade Halts Savings Products In Hong Kong In Response To SFC Regulations
- Written by Auzzi Shopping
HONG KONG SAR - Media OutReach - 15 December 2022 - Kikitrade, APAC-leading SocialFi platform announces today that the platform will be terminating access of Hong Kong users to flexible savings and locked savings product subscriptions, effective 2022/12/30 in response to the regulatory system regarding assets in the form of digital tokens by The Securities and Futures Commission (SFC), taking initiative in securing user assets, while other services such as spot trading, auto invest remain unaffected.
Sean Tao, Co-founder and CEO of Kikitrade said: "It has been one of our top priorities that Kikitrade puts it first of the asset security of our users, we've decided to cease savings product subscription in Hong Kong after careful consideration and communication with the SFC."
Sean emphasized that Kikitrade is working closely with the SFC, as the adjustment of services is to keep the promise made to users in compliance with applicable laws and regulations while conducting business, Kikitrade is echoing to its roots and working towards being listed as a licensed virtual asset trading platform.
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The issuer is solely responsible for the content of this announcement.
About Kikitrade
Kikitrade is Asia's leading one-stop social crypto community that serves as a bridge for anyone to start navigating the world of cryptocurrency. The company was founded in 2020 by Everest Ventures Group (EVG), a Web 3 focused venture studio, and received US$12 million in funding after launching in 2021.
Investors include British hedge fund billionaire Alan Howard, renowned blockchain venture capital fund Dragonfly Capital, co-founder of Ethereum Joseph Lubin, and Chairman of Head & shoulders Financial Group Stanley Choi, etc. Animoca Brands, a blockchain game giant with a valuation of more than $5 billion, is Kikitrade's second largest shareholder.
The Kikitrade community has garnered more than 100 investment analysts, key opinion leaders, cryptocurrency ventures' CEOs, etc, who have been actively sharing unique insights and analysis, making the community one of the most vibrant in Asia.
Learn more: www.kikitrade.com