ProCap Worldwide has acquired 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 fee starting from 6% to 42% per thirty days when traders have interaction in prediction video games, along with different advantages together with referral incentives.
Hong Kong traders might 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 may entry info relating to these merchandise by way of the web.
Because of this, the SFC posted these funding merchandise and their associated info on the SFC’s Suspicious Funding Merchandise Alert Checklist on 8 April 2024.
On this observe, the SFC want to warning the general public in opposition to investing in any non-SFC authorised funding merchandise.
Since these merchandise aren’t authorised by the SFC, traders have very restricted or no safety and will lose all their investments.
Below 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 probably a pivot following an ongoing regulatory crackdown within the Philippines.
As of March 2024, SimilarWeb nonetheless tracked the vast majority of ProCap web 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.