Staking Activity for Floki and TokenFi Suspended Due to Hong Kong Regulatory Worries
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Last updated:
January 30, 2024 06:00 EST
| 3 min read
Source: Dalle-3
The Floki Inu cryptocurrency team has decided to halt its Floki and TokenFi staking programs in Hong Kong following a warning from the Securities and Futures Commission (SFC), which listed them as “suspicious investment products.”
This response comes after the SFC warned users about the Floki Staking Program and TokenFi Staking Program, claiming to offer annual returns ranging from 30% to over 100%. The SFC emphasized that neither of these products has received authorization for offering to the Hong Kong public.
Floki and TokenFi Staking Marketing Campaign Not Approved by the SFC
The team asserted that the SFC’s main concern was the exceptional performance of the staking programs. Although the team could not provide details about their discussions with the SFC, they clarified that a marketing agency initiated the promotional campaigns for the Floki Staking Program and TokenFi Staking Program. The team believed they had received campaign approval, which included securing media space.
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