Hong Kong SFC Raises Alert Over MEXC Imposter

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The Hong Kong Securities and Futures Fee (SFC) has issued an alert on a suspected fraudulent platform impersonating the presence and operations of a well-liked cryptocurrency trade MEXC. This improvement comes from a joint operation between the Hong Kong regulator and the native police power geared toward uncovering illicit actions of digital asset buying and selling platforms (VATPs).

SFC Warns Hong Kong Residents Of Fraudulent Buying and selling Platform

Based on an announcement on February 9, the SFC is warning crypto fanatics and buyers of an ambiguous buying and selling platform that operates beneath the title “MEXC.” In a joint investigation with the Hong Kong police, the securities market regulator found that “MEXC” has lured a number of buyers into turning into members of group chats by which it claimed to supply “free funding recommendation.”

By this medium, “MEXC” was in a position to direct unsuspecting buyers into depositing funds by way of fraudulent web sites with the intention to buy cryptocurrencies. The suspected entity allegedly offered its victims with financial institution accounts which it claimed had been for funding functions; nevertheless, after “investing”, clients had been unable to course of a withdrawal.

The SFC has now listed “MEXC” as a part of its “Suspicious digital asset platforms” with remarks that state:

The entity presupposed to be a digital asset buying and selling platform working on the above web sites and is suspected of participating in fraudulent actions. Victims had been requested to deposit funds into designated financial institution accounts for funding functions, however after that, they reported difficulties with fund withdrawal.

The SFC has additionally listed all eight web site domains related to the suspected VATP. As well as, the securities watchdog continues to admonish Hong Kong residents towards all funding schemes that seem “too-good-to-be-true”, emphasizing the necessity for vigilance in making monetary choices.

MEXC Clears Its Identify, Denounces Imposter

In response to SFC’s announcement, outstanding cryptocurrency trade MEXC has come out to declare the buying and selling platform beneath investigation as a counterfeit with no hyperlinks to its official operations. In an X submit on Saturday, MEXC has suggested customers to keep away from interacting with such fraudulent platforms stating its solely official web site is mexc.com.

Launched in 2018, MEXC is ranked as one of many prime international crypto buying and selling platforms, with over 10 million customers in 170 nations worldwide. Nonetheless, this newest improvement solely provides to the current strings of controversies surrounding Seychelles-based trade. In December 2023, Bitcoinist reported the buying and selling platform was accused of fabricating its order e-book amidst heavy criticism for allegedly locking a number of buyers out of their accounts and seizing their belongings.