Hong Kong Plans TV Ad Campaign Against Crypto Investments

Hong Kong plans to launch a public ad campaign to raise awareness of the potential risks of investing in ICOs and buying cryptocurrency
29 January 2018   1348

The Financial Services and the Treasury Bureau (FSTB) and the Investor Education Centre (IEC), which is a subsidiary of the Securities and Futures Commission (SFC) announced on January 29 the launch of a public education campaign to raise awareness of the potential risks of investing in ICOs and buying cryptocurrency.

The increase in media coverage and hype around ICOs and 'cryptocurrencies', such as bitcoin, has aroused public interest. Through this series of public education initiatives, the Government aims to provide the public with a correct and comprehensive understanding of ICOs and 'cryptocurrencies', so that they can thoroughly assess the risks before making transactions or investment decisions.

 

Joseph Chan

The Under Secretary for Financial Services and the Treasury

Commencing this week, a series of advertisements will be placed in MTR stations, print and digital media. In March, there will be television and radio advertisements, as well as an educational video that will be shared on popular social media platforms, officials said.

In addition, the Chin Family website, the financial education platform of the IEC, has developed a range of educational articles and infographics to help the public understand the features and risks of ICOs and cryptocurrencies.

Binance to Join Forces With IdentityMind

IdentityMind provides exchanges with ability to comply with KYC\AML worldwide
26 March 2019   79

Binance announced an agreement with IdentityMind, which will help it ensure compliance with regulatory requirements and improve data security.

IdentityMind provides cryptocurrency exchanges with access to the platform, thanks to which they can monitor compliance with customer identification and anti-money laundering requirements in real time. This includes connecting new customers, managing their profiles and monitoring transactions.

The partnership between Binance and IdentityMind further strengthens our compliance capabilities and our commitment to re-invest in the blockchain ecosystem and grow it. We continue to evolve and enhance security systems while adhering to regulatory mandates in the countries we operate in. The goal is to foster greater trust among financial institutions worldwide.
 

Samuel Lim

Chief Compliance Officer, Binance

Last year, Bloomberg wrote about the Binance user identification system as the least strict in the entire industry, and linked the “level of anonymity” provided by the exchange with the risks of money laundering and market manipulation.

In October, Binance entered into an agreement with a supplier of transaction analysis software on the blockchains Chainalysis, and in November with Refinitiv, which developed an automated solution for client verification.

Whether the ordinary users of the platform will feel the impact of the integration of IdentityMind tools on themselves, the exchange does not specify.