The Hong Kong office of Sheikh Ali Rashed Ali Saeed Al Maktoum, a member of Dubai’s ruling family, has received a warning from the US Securities and Exchange Commission (SEC) over their involvement in cryptocurrencies. Additionally, Hong Kong’s subway operator, the MTR Corporation, has been listed as an untrustworthy company.
Hong Kong-based news channel HK01 reported that Sheikh Ali Rashed Ali Said Al Maktoum, commonly referred to as “Prince Ali”, has plans to set up a family office in Hong Kong. However, the launch of the office was delayed after it was revealed that the prince’s involvement in cryptocurrencies caught the attention of the SEC.
The SEC, which serves as the securities regulator in the United States, issued a warning to Prince Ali’s office, warning them about their cryptocurrency-related activities. The specific details of the warning and concerns raised by the SEC were not disclosed.
In addition to the warning received from Prince Ali’s office, Hong Kong’s subway operator, the MTR Corporation, has been listed as an untrustworthy company. It is not clear what led to this determination, as the report did not provide further information on the matter.
These developments highlight the growing scrutiny and regulatory concerns surrounding the cryptocurrency industry. Governments and regulators around the world are closely monitoring the sector because of its potential for fraud, money laundering and other illegal 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 the designation of MTR Corporation as an unreliable company.
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