6 months ago
Hong Kong fiscal regulator, the Securities and Futures Commission (SFC), issued a nationalist informing astir MEXC’s unlicensed operations wrong its jurisdictions.
SFC stated:
“The entity purports to beryllium a virtual plus trading level operating astatine the supra website. It has been targeting Hong Kong investors but is not licensed by the Securities and Futures Commission.”
Consequently, the level has been added to Hong Kong’s database of suspicious virtual plus trading platforms, including different notable crypto firms similar ByBit.
Local laws violation
Per the SFC, MEXC’s cognition successful the city-state violated section laws.
According to the SFC:
“Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, it is an offence to transportation connected a concern of providing a virtual plus work (ie, operating a virtual plus exchange) successful Hong Kong and/or actively marketplace specified services to Hong Kong investors without a licence.”
This is not the archetypal clip the SFC has issued a nationalist informing related to the MEXC exchange. Earlier successful the year, the regulator stated that scammers were pretending to beryllium from the crypto trading level and luring unsuspecting victims into participating successful what appears to beryllium a crypto concern scam.
The scammers utilized links with addresses that commencement with “MEXC” and extremity successful random letters, akin to phishing links.
As such, the SFC said it whitethorn prosecute regulatory enactment against the level if necessary.
“The SFC volition not hesitate to instrumentality enforcement enactment against unlicensed activities wherever appropriate,” it added.
Meanwhile, the fiscal regulator warned crypto investors against trading connected unregistered platforms, adding that they hazard losing their concern if the level experiences immoderate signifier of failure.
SFC’s MEXC informing is unsurprising, considering the fiscal watchdog precocious ended its registration window for crypto firms to apply for licensing to run wrong the Asian city-state. Unregistered entities indispensable adjacent their businesses by the extremity of May.
The station Hong Kong SFC expands violations database adding MEXC for unlicensed operations appeared archetypal connected CryptoSlate.
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