The Securities and Futures Commission sanctioned Saxo HK for executing over a thousand unapproved crypto-related trades without proper risk assessment or warnings to clients.
Hong Kong's Securities and Futures Commission fined Saxo Capital Markets HK $4 million for distributing unapproved virtual asset funds and products between November 2018 and November 2022. The firm executed 1,446 crypto-related trades for retail and professional clients without evaluating their cryptocurrency knowledge or providing adequate risk disclosures. Saxo Capital Markets HK has ceased regulated activities and is compensating affected customers.