Saxo Financial was reprimanded and fined 4 million yuan by the China Securities Regulatory Commission (CSRC) for illegally distributing virtual asset ...
TL;DR
Saxo Bank Financial (Hong Kong) Limited was fined HK$4 million by the SFC for distributing unapproved virtual asset products to clients from 2018 to 2022, due to failures in client assessment and due diligence. The company has ceased regulated activities, compensated clients, and is cooperating with the investigation.
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PANews reported on January 7th that, according to a Hong Kong Securities and Futures Commission (SFC) announcement, Saxo Bank Financial (Hong Kong) Limited was reprimanded and fined HK$4 million for violating regulatory requirements by distributing unapproved virtual asset-related products to 130 retail clients and 6 professional investors between 2018 and 2022. The SFC stated that Saxo failed to assess clients' knowledge of virtual assets, lacked due diligence on its products, and made adequate disclosures; these deficiencies persisted for over four years. Saxo has terminated its regulated activities and voluntarily compensated clients for their losses and is cooperating with the investigation.