Hong Kong Authorities Say Floki Inu’s Staking Programs Are Dubious

The Securities and Futures Commission (SFC) of Hong Kong has cautioned the public against Floki Staking Program and TokenFi Staking Program, labeling them as potentially fraudulent investment products.

These programs claim to offer staking services with annual returns ranging from 30% to over 100%, according to the SFC’s statement.

However, the regulator has not given approval for these products to be offered in Hong Kong, and the program administrators have failed to provide sufficient evidence to support their high return targets.

The SFC also warned that information about these programs is accessible to Hong Kong residents through the internet and has listed them as suspicious investment products.

The commission highlighted that cryptocurrency staking falls under unauthorized collective investment schemes, leaving investors with limited regulatory protection and at risk of losing their entire investment.