Hong Kong’s Securities and Futures Fee (SFC) has issued an alert over an alleged fraudulent platform impersonating the existence and operations of well-liked cryptocurrency change MEXC. The event stems from a joint operation between Hong Kong regulators and native police geared toward exposing unlawful actions on the Digital Asset Buying and selling Platform (VATP).
SFC warns Hong Kong residents to watch out for fraudulent buying and selling platforms
In line with an announcement on February 9, the China Securities Regulatory Fee warned cryptocurrency fans and traders to pay attention to an obscure buying and selling platform working underneath the identify “MEXC”. A joint investigation by the Securities and Futures Fee and the Hong Kong Police discovered that “MEXC” deceived many traders into becoming a member of a gaggle claiming to offer “free funding recommendation.”
By means of this medium, “MEXC” was in a position to information unsuspecting traders to deposit funds by means of fraudulent web sites to buy cryptocurrencies. The suspicious entity allegedly offered the sufferer with a checking account that it claimed was for funding functions; nonetheless, after the “funding”, the client was unable to make withdrawals.
The Securities and Futures Fee has now listed “MEXC” as a part of its “suspicious digital asset platform” and commented:
The entity claims to be a digital asset buying and selling platform operated by the above-mentioned web site and is suspected of partaking in fraudulent actions. Victims have been requested to deposit funds into designated financial institution accounts for funding functions, however later reported difficulties withdrawing funds.
The SFC additionally listed all eight web site domains related to suspected VATP. Individually, the securities regulator continues to warning Hong Kong residents towards all funding schemes that will appear “too good to be true” and stresses the necessity to stay vigilant when making monetary choices.
MEXC clears names and condemns imposters
In response to the Securities Regulatory Fee’s announcement, the well-known cryptocurrency change MEXC has come ahead to declare that the buying and selling platform underneath investigation is a counterfeit product and has no reference to its official operations. In an X publish on Saturday, MEXC suggested customers to keep away from interacting with such rip-off platforms and mentioned its solely official web site is mexc.com.
Launched in 2018, MEXC is rated as one of many world’s prime cryptocurrency buying and selling platforms, with greater than 10 million customers in 170 international locations around the globe. Nonetheless, this newest growth solely provides to the current spate of controversies surrounding Seychelles exchanges. In December 2023, Bitcoinist reported that the buying and selling platform was accused of fabricating its order e book and was closely criticized for allegedly locking the accounts of a number of traders and seizing their property.
Complete crypto market valued at $1.729 trillion | Supply: TOTAL chart on Tradingview.com
Featured photographs from Medium, charts from TradingView
