Hong Kong monetary regulator, the Securities and Futures Commission (SFC), issued a public warning about MEXC’s unlicensed operations inner its jurisdictions.

SFC acknowledged:

“The entity purports to be a virtual asset trading platform working on the above web page. It has been focusing on Hong Kong investors but is no longer licensed by the Securities and Futures Commission.”

As a consequence, the platform has been added to Hong Kong’s listing of suspicious virtual asset trading platforms, including other significant crypto corporations like ByBit.

Local criminal guidelines violation

Per the SFC, MEXC’s operation in town-advise violated native criminal guidelines.

In line with the SFC:

“Beneath the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, it is an offence to lift on a industry of offering a virtual asset provider (ie, working a virtual asset trade) in Hong Kong and/or actively market such companies to Hong Kong investors with out a licence.”

That is no longer the first time the SFC has issued a public warning related to the MEXC trade. Earlier in the one year, the regulator acknowledged that scammers had been pretending to be from the crypto trading platform and luring unsuspecting victims into participating in what looks to be a crypto funding rip-off.

The scammers extinct links with addresses that commence with “MEXC” and consequence in random letters, much like phishing links.

As such, the SFC stated it can possibly possibly possibly furthermore merely pursue regulatory action against the platform if needed.

“The SFC is no longer going to hesitate to rob enforcement action against unlicensed actions the save appropriate,” it added.

Meanwhile, the monetary regulator warned crypto investors against trading on unregistered platforms, including that they risk shedding their funding if the platform experiences any bear of failure.

SFC’s MEXC warning is unsurprising, pondering the monetary watchdog honest nowadays ended its registration window for crypto corporations to apply for licensing to characteristic inner the Asian city-advise. Unregistered entities must terminate their businesses by the tip of Would possibly possibly possibly.

Mentioned listed here

MEXC Global Bybit

Author

Oluwapelumi Adejumo

Journalist at CryptoSlate

Oluwapelumi values Bitcoin's doable. He imparts insights on a vary of issues like DeFi, hacks, mining and culture, underlining transformative energy.

@hardeyjumoh LinkedIn E mail Oluwapelumi

Editor Editor

Liam 'Akiba' Wright

Senior Editor at CryptoSlate

Is also called "Akiba," Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the aptitude to accomplish normal constructive trade.

@akibablade LinkedIn E mail Editor

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