币界网报道：Background information: A shocking cryptocurrency trading fraud occurred in Hong Kong recently. A man named Luo brought 1 million Hong Kong dollars in cash to a "mobile phone store" in Kwun Tong to exchange for USDT. As a result, he not only did not receive the currency, but was also robbed of his cash by the other party. Such incidents are not uncommon in Hong Kong. There are currently more than 200 unlicensed cryptocurrency exchange stores, which ostensibly attract customers with "high exchange rates and instant deposits", but in fact involve fraud and illegal transactions. The root of the problem lies in the secrecy of cryptocurrency transactions and the lag in supervision. Main incident: After the victim called the police, the fraudster still blatantly ignored the police, and someone at the scene obstructed the victim, making him unable to resist. Some victims were defrauded of up to 7.1 million Hong Kong dollars in a single transaction. Anti-fraud tips: Formal platforms will require identity verification and will never accept only cash transactions. If the exchange rate is more than 3% higher than the market price, you should be vigilant and never allow the other party to remotely control the phone or download unknown applications. Safe transaction advice: In a high-risk environment, BiyaPay provides users with a compliant and safe channel for exchanging USDT for USD or HKD, ensuring that the source of funds is legal and compliant, and has undergone anti-money laundering audits to avoid the high risks of peer-to-peer transactions. By exchanging USDT through BiyaPay, users can enjoy a safer and more transparent transaction experience, ensure asset security, and stay away from fraud risks.