On March 4, 2024, the Securities and Futures Commission (SFC) issued a public warning about BitForex, a virtual asset trading platform suspected of fraud. Despite claiming to be based in Hong Kong, BitForex has not applied for a license from the SFC for its operations. According to the SFC, users have recently faced significant challenges withdrawing assets from BitForex, purportedly due to wallet and website maintenance. These difficulties have escalated to the platform’s website shutdown, leaving users unable to access their accounts or funds.