The public has been alerted by the Hong Kong SFC about potentially hazardous investment products such as the “Floki Staking Program” and the “TokenFi Staking Program.” The Floki ecosystem is linked to both items. The SFC claims that these products provide staking services and guarantee annualized returns between thirty percent and more than one hundred percent. The watchdog did point out that neither product has been given the go-ahead to be sold in Hong Kong to the general public. Through staking, users may increase the security of the blockchain and get incentives. Like putting money into an account for savings, people who stake cryptocurrencies participate in a staking pool. The blockchain’s security and decentralization are guaranteed by the proof-of-stake mechanism, which validates transactions.
The Floki Team Has No Comments Whether Their Campaign In Hong Kong Would Continue
The SFC underlined that the organization in charge of both of these goods has not provided a compelling explanation for how it plans to meet the high annualized return goals that have been announced. The SFC progress was discussed by the team in their weekly summary live spaces on the X (previously Twitter). The cryptocurrency platform made it clear that the staking programs’ excessive performance is the sole grievance raised by the SFC. Although Floki was unable to disclose details on the talks it had with the SFC, it did clarify that it worked with a marketing firm to launch the advertisements for the TokenFi Staking Program and the Floki Staking Program. The agency got media coverage, and the Floki crew thought they had the go-ahead.
The Floki team, however, stated that they were unable to comment on whether the advertising campaign would continue in Hong Kong for the time being. The group gave its investors the assurance that it would use all available means to comply with the regulations set forth by the Hong Kong government.
