The Hong Kong Securities and Futures Commission (SFC) has cautioned the public about potentially risky investment products called “Floki Staking Program” and “TokenFi Staking Program,” stated Cointelegraph. Both products are expected to be affiliated with the Floki ecosystem.
With insights from the SFC, these products offer staking services and claim to deliver annualised returns ranging from 30% to over 100%. However, the watchdog mentioned that neither of the products has received authorisation for public sale in Hong Kong.
It is believed that SFC emphasised that the governing body of these two products has failed to show how it intends to achieve the annualised return targets, added Cointelegraph.
Furthermore, the crypto platform emphasised that the SFC’s only complaint is that the staking programs perform too well, concluded Cointelegraph.
(With insights from Cointelegraph)
