Hong Kong SFC Flags CoinCola as Suspicious Virtual Asset Platform

Hong Kong's Securities and Futures Commission (SFC)has added CoinCola to its list of suspicious virtual asset trading platforms, citing concerns that the entity may be operating without the required authorization.

According to the regulator, CoinCola operates through the website www.coincola.com and presents itself as a virtual asset trading platform. The SFC stated that the platform is "suspected of conducting unlicensed activities," placing it among a growing number of digital asset services that appear to target Hong Kong investors without holding a valid licence.

The SFC reiterated that some virtual asset trading platforms (VATPs)claim to operate in or market themselves to Hong Kong while lacking regulatory approval. Such platforms may attract users through "too-good-to-be-true" investment offers, claims of imminent licensing, or aggressive promotion via social media, instant messaging channels, and so-called key opinion leaders.

The regulator warned that investors who engage with unlicensed VATPs are exposed to heightened risks. "If you deal with a VATP which is not licensed by the SFC, please note that it is unregulated and not supervised by the SFC," the watchdog said, adding that users could lose their entire investment if a platform collapses, is hacked, or misappropriates assets.

The SFC also emphasized that pursuing legal remedies against offshore platforms without a clear connection to Hong Kong can be difficult, and in some cases, recourse may not be available at all.