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Hong Kong Regulator Warns Public About Unlicensed Platform ‘BiyaPay’

Hong Kong Regulator Warns Public About Unlicensed Platform ‘BiyaPay’

BiyaPay confirms it does not offer trading services in Hong Kong, emphasizing its pursuit of global regulatory compliance, including licenses in New Zealand, the U.S., and Hong Kong.

Fact Check
The evidence strongly and directly confirms the statement. Multiple sources are official communications from the Hong Kong Securities and Futures Commission (SFC), explicitly stating that the SFC warns against the 'unlicensed trading platform BiyaPay' and has placed it on its Alert List for operating without a license.
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Summary

BiyaPay has responded to the Hong Kong Securities and Futures Commission's warning about unlicensed activities. The company clarified it does not provide stock or crypto trading services to Hong Kong residents and is not licensed for such activities locally. BiyaPay is focusing on compliance efforts globally, including obtaining a New Zealand FSP license, applying for a U.S. Broker license, and seeking regulatory approvals in Hong Kong and other regions.

Terms & Concepts
  • Financial Service Provider (FSP) license: A regulatory authorization in New Zealand that allows a company to legally provide specified financial services.
  • Broker license: A regulatory approval required for a firm to operate as a securities or financial broker within a given jurisdiction.