The products provider failed to meet specific procedures for conducting product due diligence and suitability checks on crypto products.
The Securities and Futures Commission (SFC) has reprimanded and fined Saxo Capital Markets HK Limited (SCMHK) HK$4m (US$513,640) for failures in distributing virtual asset (VA) funds not authorised by the SFC and VA-related products on the firm’s online trading platform. Between 1 November 2018 and 25 November 2022, SCMHK allowed retail clients to trade certain VA products on the online platform. These products should only be offered to professional investors (PIs) according to two