Dubai Prince's Hong Kong Office Warned by US SEC, MTR Listed as Untrustworthy
Jessie A Ellis Apr 07, 2024 11:24
The Hong Kong office of Sheikh Ali Rashed Ali Saeed Al Maktoum, a member of the ruling family in Dubai, has received a warning from the US Securities and Exchange Commission (SEC) regarding their involvement in cryptocurrencies. Additionally, the Hong Kong subway operator, MTR Corporation, has been listed as an untrustworthy company.
The Hong Kong-based news outlet, HK01, reported that Sheikh Ali Rashed Ali Saeed Al Maktoum, commonly referred to as "Prince Ali," had plans to establish a family office in Hong Kong. However, the launch of the office has been delayed after it was revealed that the prince's involvement in cryptocurrencies had drawn the attention of the SEC.
The SEC, which serves as the regulatory body for securities in the United States, issued the warning to Prince Ali's office, cautioning them about their activities related to cryptocurrencies. The specific details of the warning and the concerns raised by the SEC have not been disclosed.
In addition to the warning received by Prince Ali's office, the Hong Kong subway operator, MTR Corporation, has been listed as an untrustworthy company. It is unclear what led to this designation, as the report did not provide further information on the matter.
These developments highlight the increasing scrutiny and regulatory concerns surrounding the cryptocurrency industry. Governments and regulatory bodies around the world are closely monitoring the sector due to its potential for fraud, money laundering, and other illicit activities.
As of now, it remains to be seen how Prince Ali's office will respond to the SEC's warning and whether it will have any impact on their plans to establish a presence in Hong Kong. Similarly, more information is needed to understand the reasons behind MTR Corporation's designation as an untrustworthy company.
Image source: Shutterstock