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Hong Kong’s SFC Issues Warning on MEXC for Alleged Crypto Fraud

Today, the Securities and Futures Commission of Hong Kong issued a warning to the public regarding a purportedly fraudulent cryptocurrency exchange known as MEXC.

The SFC, in a statement posted on its official website, highlighted that this sham entity was masquerading as the authentic MEXC cryptocurrency exchange.

MEXC’s Crypto Fraud

The fraudulent activities of the counterfeit MEXC crypto exchange reportedly began by enticing victims through social media or instant messaging chat groups, promising them free investment guidance, as per the announcement.

Once individuals joined these chat groups, they were persuaded to purchase cryptocurrencies on websites associated with MEXC. Subsequently, they were instructed to deposit funds into specified bank accounts for investment purposes. However, upon attempting to withdraw their funds, they encountered difficulties.

Due to suspicions surrounding virtual asset trading platforms, the fake MEXC and its websites have been included in the SFC’s alert list. Additionally, the Hong Kong police have taken measures to restrict access to MEXC websites.

Presently, the SFC and law enforcement authorities are collaborating to exchange information and investigate instances of illicit virtual asset trading activities.

“The SFC once again cautions the public to exercise caution when encountering ‘too-good-to-be-true’ investment opportunities and advice disseminated via social media platforms and messaging apps,” stated the regulator in its announcement. “Furthermore, individuals should remain vigilant as fraudulent, unlicensed platforms often adopt names similar to legitimate entities in an attempt to deceive investors.”

The Hong Kong SFC

Recently, the SFC issued a warning to unregistered cryptocurrency exchanges, directing them to either seek licenses by February 29 or halt operations by May 31.

In the preceding year, Hong Kong introduced a regulatory framework for licensing cryptocurrency exchanges involved in virtual asset transactions. This framework permits the licensing of exchanges offering retail trading services.

To date, Hong Kong has granted licenses to two platforms: HashKey and OSL.

Furthermore, authorities in Hong Kong initiated a public consultation on legislative proposals aimed at implementing a licensing system for providers of over-the-counter virtual asset trading services just yesterday.

The consultation proposes a requirement for licensing from the Commissioner of Customs and Excise (CCE) for entities offering spot trading services for virtual assets in Hong Kong. It also suggests expanding CCE oversight to encompass all over-the-counter virtual asset services, including supervision of licensees’ anti-money laundering and anti-terrorist financing endeavors.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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