ProCap Worldwide has obtained a securities fraud warning from Hong Kong.
As per the Securities and Future Fee’s April eighth warning, ProCap
provide traders very excessive assured returns at a price starting from 6% to 42% monthly when traders have interaction in prediction video games, along with different advantages together with referral incentives.
Hong Kong traders could have been the goal of those funding merchandise promoted by ProCap and none of them have been authorised by the SFC for providing to the Hong Kong public.
The SFC additionally notes that Hong Kong public might entry data concerning these merchandise by way of the web.
Because of this, the SFC posted these funding merchandise and their associated data on the SFC’s Suspicious Funding Merchandise Alert Record on 8 April 2024.
On this notice, the SFC wish to warning the general public towards investing in any non-SFC authorised funding merchandise.
Since these merchandise should not authorised by the SFC, traders have very restricted or no safety and will lose all their investments.
Beneath Hong Kong legislation, gather funding schemes are required to be registered with the SFC underneath Hong Kong’s Securities and Future Ordinance legislation.
ProCap focusing promotional efforts in Hong Kong is presumably a pivot following an ongoing regulatory crackdown within the Philippines.
As of March 2024, SimilarWeb nonetheless tracked nearly all of ProCap web site site visitors coming from the Philippines. Whether or not promotional efforts in Hong Kong have since taken off is unclear.
ProCap pitches traders on passive returns of as much as 42% a month.
The Ponzi scheme is believed to be run by Chinese language nationals working out of Singapore.