Hong Kong regulator warns investors against using crypto exchange MEXC
The reason was that the platform did not have a license to operate in the local market
15.03.2024 - 14:10
270
2 min
0
What’s new? The Hong Kong Securities and Futures Commission (SFC) has issued an investor warning against crypto exchange MEXC, listing it as a suspicious platform for trading virtual assets. Officials wrote that MEXC, which actively promotes its services to Hong Kong investors, did not apply to the SFC for a license to operate in the local market.
What else is known? Under the Anti-Money Laundering and Countering the Financing of Terrorism Ordinance, it is an offense to operate a crypto exchange in Hong Kong without a license, officials warned. They emphasized that they “will not hesitate to take enforcement action against unlicensed platforms where appropriate.”
The SFC warned investors against trading virtual assets on unregulated exchanges, noting that they risked losing their entire investment if such a platform ceased operations, went bankrupt, or was hacked.
A day earlier, the regulator published a similar warning regarding the crypto exchange Bybit. Also on February 9, a number of phishing websites mimicking MEXC to steal investors’ funds were included in the list of suspicious platforms.
In January, India’s fintech agency accused a number of global platforms, including MEXC, of failing to comply with anti-money laundering laws and demanded that MEXC block their websites. The MEXC app has since disappeared from the App Store in India.
Late last year, X users reported freezing and seizing funds on MEXC due to “abnormal trading activity.”
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 797
BTC
+3.23%
-
Ethereum
$3 320.15
ETH
+2.15%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.45
XRP
+31.64%
-
Dogecoin
$0.40305
DOGE
+6.54%
-
Cardano
$0.915135
ADA
+18.56%
-
Bitcoin Cash
$484.56
BCH
+1.99%
-
Polkadot
$6.27
DOT
+9.52%
-
Stellar XLM
$0.295837
XLM
+25.39%
-
Litecoin
$90.06
LTC
+3.17%