Crypto

Hong Kong SFC Raises Alert Over MEXC Imposter

The Hong Kong Securities and Futures Commission (SFC) has actually released an alert on a presumed deceitful platform impersonating the existence and operations of a popular cryptocurrency exchange MEXC. This advancement originates from a joint operation in between the Hong Kong regulator and the regional police targeted at discovering illegal activities of virtual property trading platforms (VATPs).

SFC Warns Hong Kong Citizens Of Fraudulent Trading Platform

According to a statement on February 9, the SFC is alerting crypto lovers and financiers of an uncertain trading platform that runs under the name “MEXC.” In a joint examination with the Hong Kong authorities, the securities market regulator found that “MEXC” has actually tempted a number of financiers into entering of group talks in which it declared to provide “free investment advice.”

Through this medium, “MEXC” had the ability to direct unwary financiers into transferring funds through deceitful sites in order to acquire cryptocurrencies. The presumed entity presumably offered its victims with savings account which it declared were for financial investment functions; nevertheless, after “investing”, consumers were not able to process a withdrawal. 

The SFC has actually now noted “MEXC” as part of its “Suspicious virtual asset platforms” with remarks that state:

The entity supposed to be a virtual property trading platform operating at the above sites and is presumed of taking part in deceitful activities. Victims were asked to deposit funds into designated savings account for financial investment functions, however after that, they reported problems with fund withdrawal.

The SFC has actually likewise noted all 8 site domains related to the presumed VATP. In addition, the securities guard dog continues to advise Hong Kong people versus all financial investment plans that appear “too-good-to-be-true”, stressing the requirement for caution in making monetary choices.  

MEXC Clears Its Name, Denounces Imposter

In reaction to SFC’s statement, popular cryptocurrency exchange MEXC has actually come out to state the trading platform under examination as a fake without any links to its main operations. In an X post on Saturday, MEXC has actually recommended users to prevent connecting with such deceitful platforms specifying its only authorities site is mexc.com. 

Launched in 2018, MEXC is ranked as one of the leading international crypto trading platforms, with over 10 million users in 170 countries worldwide. However, this most current advancement just contributes to the current strings of debates surrounding Seychelles-based exchange.  In December 2023, Bitcoinist reported the trading platform was implicated of making its order book in the middle of heavy criticism for presumably locking a number of financiers out of their accounts and taking their possessions.

Total crypto market price at $1.729 trillion | Source: overall chart on Tradingview.com

Featured image from Medium, chart from TradingView

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