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Wu said that the Hong Kong Securities and Futures Commission (SFC) recently penalized Saxo Financial (Hong Kong) Limited for distributing virtual asset funds and virtual asset-related products not approved by the SFC on online platforms, violating regulatory regulations, and fined 4 million HKD. The SFC pointed out that Saxo Financial failed to assess whether clients had the knowledge to invest in virtual assets as required, did not provide sufficient risk warnings, and did not establish proper procedures for product due diligence. Although Saxo Financial has taken remedial measures and voluntarily compensated clients for related losses, the SFC still considers its actions to have violated the relevant "Online Distribution and Investment Advisory Platform Guidelines" and "Code of Conduct."