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The Securities and Futures Commission (SFC) of Hong Kong today warned the public of entities operating under the name of “HKCEXP” for suspected virtual asset-related fraud. Victims are reporting difficulties and payment of exorbitant “tax” to process withdrawals.

HKCEXP falsely provided a fake Hong Kong address on its website to mislead investors. The SFC suspects the company has disseminated other false and misleading information about itself and its business as being an “SFC-registered company”.

At the SFC’s request, the Hong Kong Police Force has taken steps to block access to the relevant website of HKCEXP. Notwithstanding the action taken, the public should beware that scammers may continue to create new ones with similar domain names.

The regulator has added HKCEXP and its respective websites on the SFC’s Suspicious Virtual Asset Trading Platforms Alert List on 25 March 2024.

Online investment scams may involve any type of assets and are perpetrated through multiple channels, and victims of these scams can suffer substantial losses. Therefore, investors should stay vigilant and beware of fraud when making investment decisions.

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