Wu Shuo learns that the Hong Kong Securities and Futures Commission recently imposed a penalty on Saxo Bank Hong Kong Limited for distributing non-SFC-approved virtual asset funds and virtual asset-related products on its online platform, violating regulatory requirements, with a fine of 4 million yuan. The SFC pointed out that Saxo Bank Hong Kong failed to assess whether clients possessed the knowledge to invest in virtual assets as required, failed to provide sufficient risk warnings, and did not establish appropriate procedures for product due diligence. Although Saxo Bank Hong Kong has taken remedial measures and voluntarily compensated clients for related losses, the SFC still considers its conduct to have violated the relevant "Guidelines on Online Distribution and Advisory Platforms" and "Code of Conduct".
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Wu Shuo learns that the Hong Kong Securities and Futures Commission recently imposed a penalty on Saxo Bank Hong Kong Limited for distributing non-SFC-approved virtual asset funds and virtual asset-related products on its online platform, violating regulatory requirements, with a fine of 4 million yuan. The SFC pointed out that Saxo Bank Hong Kong failed to assess whether clients possessed the knowledge to invest in virtual assets as required, failed to provide sufficient risk warnings, and did not establish appropriate procedures for product due diligence. Although Saxo Bank Hong Kong has taken remedial measures and voluntarily compensated clients for related losses, the SFC still considers its conduct to have violated the relevant "Guidelines on Online Distribution and Advisory Platforms" and "Code of Conduct".