SBCFX Collapse Leaves Hong Kong Investors with Unrecoverable USDT Holdings

Hong Kong's securities watchdog has declared SBCFX and its affiliated entities unlicensed, following a trading collapse that resulted in thousands of investors losing their USDT holdings.

The Securities and Futures Commission (SFC) added SBCFX, Star Bridge Capital Group, and Topical Wealth International Ltd to its alert list on August 28, after a severe trading glitch led to massive liquidations in gold trading in London.

Caixin Global reported that around 3,000 investors might be prone to suffer losses from the incident. The SFC stated that none of the identified parties are licensed or registered to perform regulated activities in Hong Kong.