The Hong Kong Securities and Futures Commission reprimanded Saxo Capital Markets for violations in the distribution of virtual asset products and imposed a fine of HK$4 million.

Techub News reported that Saxo Capital Markets (Hong Kong) Limited was reprimanded and fined HK$4 million by the Hong Kong Securities and Futures Commission for regulatory deficiencies in distributing non-SFC-authorized virtual asset funds and virtual asset-related products on its online trading platform. From November 1, 2018, to November 25, 2022, the company allowed retail clients to trade certain virtual asset products that should have been sold only to professional investors. It executed 1,446 transactions for 6 individual professional investors and 130 retail clients, involving 32 virtual asset products (including 21 exchange-traded derivative virtual asset products).