HKMA warns public about unlicensed Trust Wallet website trustwallet.uk.com.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
SPOTLIGHT ON
FAMILY OFFICES
# Regulatory Notice Regarding Unlicensed Activity
On Thu, 16 Jul, the Hong Kong Monetary Authority ("HKMA") alerts the public that Trust Wallet, as referenced on the Website, lacks a licence under the Payment Systems and Stored Value Facilities Ordinance to issue or facilitate a stored value facility ("SVF") in Hong Kong.
# Verification and Due Diligence Requirements
Due to the global nature of the internet, the public must verify the licensing status of any entity offering SVF services online before transferring funds or providing personal information.
# Verification Resources and Reporting Obligations
The list of SVF licensees is available on the HKMA website, and the public may also verify entity status by emailing the HKMA public enquiry service. Individuals who have transferred money, conducted financial transactions, or provided personal information via the Website should report to the Police or contact the Anti-Deception Coordination Centre at 18222.
View the full article:Source
