Hong Kong SFC Warns of Risks Associated with Unlicensed Platform “BiyaPay”

The Securities and Futures Commission (SFC) of Hong Kong has issued a warning to the public regarding an unlicensed trading platform named “BiyaPay.” The platform claims to offer trading services for Hong Kong and U.S. stocks and states that it has an office in Hong Kong. However, it has neither obtained a license from the SFC nor applied for any relevant licenses. Under Hong Kong law, operating securities trading without a license or promoting related services to Hong Kong investors is illegal. The SFC discovered “BiyaPay” through social media monitoring and noted that the platform provides information and registration services to the Hong Kong public via its official website and social media accounts. Currently, “BiyaPay” has been added to the SFC’s alert list. The SFC emphasized that, as the platform is unregulated, investor protection is extremely limited, and there is a risk of total loss. Investors are urged to carefully assess the risks and avoid participating blindly.