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Tuesday, April 16, 2024

MEXC Tiptoes on Skinny Ice with Unlicensed Buying and selling Platform


The Securities and Futures Fee (SFC) has issued a warning
to the general public relating to a purported digital asset buying and selling platform (VATP)
working below the title “MEXC.”

The SFC’s warning comes amidst the lively promotion of its
companies to Hong Kong buyers, regardless of MEXC neither holding a license from
the SFC nor initiating the method to acquire one for working a VATP in Hong
Kong.

Working a enterprise of offering digital asset companies,
akin to operating a digital asset alternate , with out correct licensing is a
violation of the Anti-Cash Laundering and Counter-Terrorist Financing
Ordinance. Moreover, actively advertising and marketing such companies to Hong Kong buyers
with out authorization is taken into account illegal.

In consequence, the SFC has taken decisive motion by itemizing
MEXC and its web site on the Suspicious Digital Asset Buying and selling Platforms Alert
Record as of March 15, 2024.

SFC Advises Warning Amidst Rising Digital Asset Dangers

The SFC’s warning underscores the dangers related to
buying and selling digital belongings on unregulated platforms. Traders are cautioned that
within the absence of regulatory oversight, they face vital vulnerabilities,
together with the potential lack of their complete funding. Cases akin to
operational cessation, collapse, hacking, or misappropriation of belongings can
depart buyers uncovered to substantial monetary hurt.

Earlier, the SFC
cautioned buyers in opposition to Bybit and its choices
because of the
cryptocurrency alternate’s lack of licensing. Particularly, 11 of Bybit’s
merchandise have been flagged as suspicious investments, together with futures
contracts, choices, and leveraged tokens.

In gentle of those considerations, the SFC urges buyers to
train vigilance and chorus from participating with unlicensed VATPs. For these
unsure in regards to the licensing standing of a VATP, the SFC directs them to seek the advice of
its Record of licensed digital asset buying and selling platforms for verification and
safety.

The Securities and Futures Fee (SFC) has issued a warning
to the general public relating to a purported digital asset buying and selling platform (VATP)
working below the title “MEXC.”

The SFC’s warning comes amidst the lively promotion of its
companies to Hong Kong buyers, regardless of MEXC neither holding a license from
the SFC nor initiating the method to acquire one for working a VATP in Hong
Kong.

Working a enterprise of offering digital asset companies,
akin to operating a digital asset alternate , with out correct licensing is a
violation of the Anti-Cash Laundering and Counter-Terrorist Financing
Ordinance. Moreover, actively advertising and marketing such companies to Hong Kong buyers
with out authorization is taken into account illegal.

In consequence, the SFC has taken decisive motion by itemizing
MEXC and its web site on the Suspicious Digital Asset Buying and selling Platforms Alert
Record as of March 15, 2024.

SFC Advises Warning Amidst Rising Digital Asset Dangers

The SFC’s warning underscores the dangers related to
buying and selling digital belongings on unregulated platforms. Traders are cautioned that
within the absence of regulatory oversight, they face vital vulnerabilities,
together with the potential lack of their complete funding. Cases akin to
operational cessation, collapse, hacking, or misappropriation of belongings can
depart buyers uncovered to substantial monetary hurt.

Earlier, the SFC
cautioned buyers in opposition to Bybit and its choices
because of the
cryptocurrency alternate’s lack of licensing. Particularly, 11 of Bybit’s
merchandise have been flagged as suspicious investments, together with futures
contracts, choices, and leveraged tokens.

In gentle of those considerations, the SFC urges buyers to
train vigilance and chorus from participating with unlicensed VATPs. For these
unsure in regards to the licensing standing of a VATP, the SFC directs them to seek the advice of
its Record of licensed digital asset buying and selling platforms for verification and
safety.



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