The police have taken action to block the websites of two virtual asset platforms suspected of fraud, the Securities and Futures Commission (SFC) said on Wednesday.

The SFC warned that "BitCuped" and "HongKongDAO", or “Hong Kong Digital Research Institute”, have disseminated false and misleading information.

BitCuped claims its chairwoman is Laura Cha and that its CEO is Nicholas Aguzin from Hong Kong Exchanges and Clearing, but the pair are not affiliated with the platform, the watchdog said.

HongKongDao falsely claims to have applied for licences to conduct regulated activities, the SFC said.

"We are now using all the power we have to conduct investigation and our enforcement action. We are also working very closely with the police in combating [alleged] fraud cases like all these," said Keith Choy, the SFC's Interim Head of Intermediaries.

The financial regulator said police have taken steps to block access to the websites of the two platforms upon its request, adding that people should be cautious about investment opportunities that seem too good to be true.