Hong Kong's financial markets watchdog has warned about the risks of online platforms for cryptocurrencies.
The SFC said that investors should be wary of the high risks associated with virtual asset arrangements.
At a time when the market is volatile, the announcement is significant.
The founder of FTX was arrested and charged.
Virtual assets are not the same as bank deposits and are not regulated. The SFC said that investors are not protected.
They should not make an investment if they can't fully comprehend them.
Sam Bankman- Fried, the founder of FTX, was arrested in The Bahamas on Monday.
He was charged with one of the biggest financial frauds in US history.
The SEC chair said that the former FTX chief executive built a "house of cards on a foundation of deception".
A judge in the Bahamas denied Mr Bankman- Fried bail.
JoyAnn Ferguson-Pratt denied the petition for his release on bail, citing a "great" risk of flight, and ordered that he be held at a prison until February.
We saw some withdrawals today (net $1.14b ish). We have seen this before. Some days we have net withdrawals; some days we have net deposits. Business as usual for us.I actually think it is a good idea to “stress test withdrawals” on each CEX on a rotating basis. 💪
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