Hong Kong Securities and Futures Commission: Beware of unlicensed platforms StableStock and HabitTrade

The Hong Kong Securities and Futures Commission (SFC) has issued a notice stating that it has become aware of online videos enticing the public to use the StableStock platform, claiming that virtual currency can be used to subscribe for Hong Kong stock IPOs. StableStock also claims to be collaborating with another company, HabitTrade.

In fact, neither StableStock nor HabitTrade has been licensed by the SFC and is not permitted to engage in any regulated activities in Hong Kong; furthermore, they are prohibited from promoting services to the public in Hong Kong, whether inside or outside the territory. The SFC has included StableStock and HabitTrade on its warning list. The SFC reminds the public that unlicensed platforms are not regulated by the SFC, and the protections available to investors are very limited, with the possibility of incurring total losses.