The Securities and Futures Commission of Hong Kong (SFC) has fined Saxo Financial (Hong Kong) Limited HK$4 million for regulatory violations in the distribution of virtual asset products. Between November 2018 and November 2022, Saxo Financial allowed retail clients to trade non-SFC approved virtual asset funds and related products through its online platform, despite regulations restricting such sales to professional investors. The SFC's investigation revealed that Saxo Financial executed 1,446 transactions involving 32 virtual asset products for six professional investors and 130 retail clients. These transactions included complex products like exchange-traded derivatives. Saxo Financial failed to assess clients' knowledge of virtual asset investments and did not provide adequate information or warnings, contravening SFC guidelines.