The Securities and Futures Commission (SFC) has issued a warning
to the public relating to a purported digital asset trading platform (VATP)
working below the name “MEXC.”
The SFC’s warning comes amidst the active promotion of its
companies to Hong Kong investors, despite MEXC neither preserving a license from
the SFC nor initiating the job to put one for working a VATP in Hong
Kong.
Running a substitute of providing digital asset companies,
much like running a digital asset substitute , with out true licensing is a
violation of the Anti-Money Laundering and Counter-Terrorist Financing
Ordinance. Furthermore, actively marketing and marketing such companies to Hong Kong investors
with out authorization is taken into memoir unlawful.
As a consequence, the SFC has taken decisive circulate by record
MEXC and its web site on the Suspicious Virtual Asset Trading Platforms Alert
List as of March 15, 2024.
The Hong Kong SFC issued one other warning at the present time, warning the public to look at out for the MEXC unlicensed digital asset trading platform, and said that MEXC has been actively selling its companies to Hong Kong investors. The day gone by, the SFC placed Bybit on the warning checklist.…
— Wu Blockchain (@WuBlockchain) March 15, 2024
SFC Advises Warning amidst Increasing Virtual Asset Dangers
The SFC’s warning underscores the dangers associated with
trading digital resources on unregulated platforms. Investors are cautioned that
within the absence of regulatory oversight, they face foremost vulnerabilities,
including the skill loss of their entire funding. Cases much like
operational close, give procedure, hacking, or misappropriation of resources can
dart away investors uncovered to big monetary damage.
Earlier, the SFC
cautioned investors in opposition to Bybit and its choices as a result of
cryptocurrency substitute’s lack of licensing. Namely, 11 of Bybit’s
products include been flagged as suspicious investments, including futures
contracts, suggestions, and leveraged tokens.
In mild of these concerns, the SFC urges investors to
train vigilance and refrain from participating with unlicensed VATPs. For these
unsure concerning the licensing standing of a VATP, the SFC directs them to consult with
its List of licensed digital asset trading platforms for verification and
protection.
The Securities and Futures Commission (SFC) has issued a warning
to the public relating to a purported digital asset trading platform (VATP)
working below the name “MEXC.”
The SFC’s warning comes amidst the active promotion of its
companies to Hong Kong investors, despite MEXC neither preserving a license from
the SFC nor initiating the job to put one for working a VATP in Hong
Kong.
Running a substitute of providing digital asset companies,
much like running a digital asset substitute , with out true licensing is a
violation of the Anti-Money Laundering and Counter-Terrorist Financing
Ordinance. Furthermore, actively marketing and marketing such companies to Hong Kong investors
with out authorization is taken into memoir unlawful.
As a consequence, the SFC has taken decisive circulate by record
MEXC and its web site on the Suspicious Virtual Asset Trading Platforms Alert
List as of March 15, 2024.
The Hong Kong SFC issued one other warning at the present time, warning the public to look at out for the MEXC unlicensed digital asset trading platform, and said that MEXC has been actively selling its companies to Hong Kong investors. The day gone by, the SFC placed Bybit on the warning checklist.…
— Wu Blockchain (@WuBlockchain) March 15, 2024
SFC Advises Warning amidst Increasing Virtual Asset Dangers
The SFC’s warning underscores the dangers associated with
trading digital resources on unregulated platforms. Investors are cautioned that
within the absence of regulatory oversight, they face foremost vulnerabilities,
including the skill loss of their entire funding. Cases much like
operational close, give procedure, hacking, or misappropriation of resources can
dart away investors uncovered to big monetary damage.
Earlier, the SFC
cautioned investors in opposition to Bybit and its choices as a result of
cryptocurrency substitute’s lack of licensing. Namely, 11 of Bybit’s
products include been flagged as suspicious investments, including futures
contracts, suggestions, and leveraged tokens.
In mild of these concerns, the SFC urges investors to
train vigilance and refrain from participating with unlicensed VATPs. For these
unsure concerning the licensing standing of a VATP, the SFC directs them to consult with
its List of licensed digital asset trading platforms for verification and
protection.
