Summary
The Floki Inu cryptocurrency team has halted its staking programs in Hong Kong after the local regulator deemed them “suspicious investment products.” The Securities and Futures Commission (SFC) warned the public about the Floki Staking Program and TokenFi Staking Program, which claim to offer high annual returns. In response, Floki stated that the decision to target their staking programs was due to their high annual percentage yield (APY) and disagreed with the SFC’s concerns. Floki explained that the high returns were a result of not being funded by venture capital firms or large presales and that most of the token supply was given to users who staked Floki. The team also mentioned that the volatility in user rewards is influenced by market forces and they have no control over the staked assets, staking contracts, or rewards.
Key Points
1. The Floki Inu cryptocurrency team has ceased Floki and TokenFi staking programs in Hong Kong after the local regulator listed them as “suspicious investment products.”
2. Floki has taken measures to block users from Hong Kong from accessing the staking programs and has placed warnings on its website to notify Hong Kong users of their ineligibility to join the programs. The offline marketing campaign in the city has also been halted.
3. The Securities and Futures Commission (SFC) warned the public about the Floki Staking Program and TokenFi Staking Program, both of which claim to offer annual returns of 30% to over 100%. The SFC stated that these products have not been authorized for offering to the Hong Kong public.