Hong Kong SFC flags Star Bridge Capital Group as unlicensed

Hong Kong’s Securities and Futures Commission has added Star Bridge Capital Group and its related entities to its official Alert List, warning investors that the firms are not licensed or authorized to conduct regulated activities in the city. The move came on August 28, after a cascade of client complaints, police investigations, and what appears to be a textbook exit from the Asian market. The timing is notable. Just days before the SFC’s alert, the platform behind Star Bridge, known as SBCFX, announced it would cease all Asian operations, giving clients a tight window to close positions and withdraw funds by early September. What happened on the SBCFX platform Between August 19 and 20, traders on the SBCFX platform reported severe anomalies in London gold (XAUUSD) contracts for difference, or CFDs. Multiple clients described unexpected large opposing orders that triggered forced liquidations, wiping out their positions. Hong Kong police received approximately 54 complaints from affected traders, with reported losses ranging from HK$5.92 million to HK$6.63 million. The Central District investigation team has categorized the case as suspected fraud. Five individuals, aged 26 to 43...