Platforms Named in the Alert
The SFC named Globiance X Limited and Globiance HK Limited, together referred to as Globiance, as well as CoinCola. The regulator said these entities claim to run virtual asset trading platforms in Hong Kong. But do not hold SFC licenses.
Because of this, the SFC suspects the firms of carrying out unlicensed activities. Under Hong Kong law, crypto trading platforms must meet strict rules. Before offering services to the public. These rules cover custody, risk controls and investor protection. Platforms that operate outside this system are not subject to supervision.
Investor Complaints Raise Concerns
The regulator also pointed to complaints from users. SFC said some investors reported trouble withdrawing assets from platforms linked to Globiance. These reports often raise red flags for regulators. As withdrawal delays can signal liquidity or operational issues.
In its statement, the SFC stressed that unlicensed platforms fall outside its regulatory reach. This means investors have very limited protection if something goes wrong. In the worst case, users could lose all their funds. The regulator urged the public to verify a platform’s license status before trading or depositing assets.
Wider Message on Crypto Risks
The warning shows Hong Kong’s tougher stance on crypto oversight. In recent years, the city has introduced a licensing regime for virtual asset trading platforms. The goal is to allow crypto activity while reducing risks to retail investors. The SFC said its alert list is meant to help the public identify risky operators. Once a platform appears on the list. The investors are advised to avoid it and reconsider any existing exposure. The regulator also encourages users to report suspected misconduct.
More importantly, the case serves as a reminder for crypto users across the region. Regulation changes by jurisdiction but unlicensed platforms often carry higher risks. Even if a platform appears active or well known online. That does not mean it is approved to operate locally. Currently, the SFC said it will continue to monitor the situation. It also repeated its message that investors should only use licensed platforms. As enforcement increases, regulators are likely to issue more public warnings when they spot unapproved crypto activity.
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