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Hong Kong’s Securities and Futures Commission (SFC) today issued a warning against a purported virtual asset trading platform (VATP) known as “MEXC”.

MEXC, which is actively promoting its services to Hong Kong investors, has neither been licensed by the SFC nor applied to the SFC for a licence to operate a VATP in Hong Kong.

Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, it is an offence to carry on a business of providing a virtual asset service (ie, operating a virtual asset exchange) in Hong Kong and/or actively market such services to Hong Kong investors without a licence.

The SFC added MEXC and its website on the Suspicious Virtual Asset Trading Platforms Alert List on 15 March 2024.

The regulator cautions investors against trading virtual assets on an unregulated VATP. Investors may risk losing their entire investment held on the platform if it ceases operation, collapses, is hacked or otherwise suffers from any misappropriation of assets. If in doubt about the licensing status of a VATP, please refer to the SFC’s List of licensed virtual asset trading platforms.

The SFC says it will not hesitate to take enforcement action against unlicensed platforms where appropriate.

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