Hong Kong’s securities regulator has warned citizens to stay away from the fake MEXC cryptocurrency exchange.
MEXC is an averagely popular cryptocurrency exchange in the world. The exchange ranks 11th in terms of 24-hour cryptocurrency trading volume on this platform. This cryptocurrency exchange also offers spot cryptocurrency trading to Hong Kong cryptocurrency traders in compliance with Hong Kong’s local cryptocurrency laws.
On February 9, 2024, the Hong Kong Securities and Futures Commission (SFC) and local police collaborated to publish warning information for all citizens.
The SFC agency said the fraudsters are operating nearly eight websites that look like the MEXC cryptocurrency exchange and are directing people to the fake MEXC cryptocurrency exchange platform to deposit bank funds and cryptocurrency assets.
People are discovering problems when trying to withdraw their funds. So, people should remain aware of these fake and scam websites to save their funds.
SFC agencies will now investigate and track down the miscreants involved in these illegal activities with the help of local police authorities.
Specifically, starting September 2023, Hong Kong securities regulators are actively investigating a list of suspicious and unregistered crypto companies operating in Hong Kong jurisdiction. This list helps citizens know whether they are transacting on a legitimate and registered platform.
Earlier this week, we reported that the SFC agency had issued a notice to all cryptocurrency companies to register their platforms with the SFC agency through appropriate applications, confirming that companies may cease their cryptocurrency business within the next two months. I am not interested in registering with VASP.
All these efforts by Hong Kong’s financial regulator are proof that it is doing its best to educate its citizens against bad actors in the cryptocurrency sector.
Also read: Bankrupt cryptocurrency company Genesis Global decides to settle $1 billion lawsuit.