Hong Kong SFC Issues Warning Against Crypto Trading Platform MEXC

The Securities and Futures Commission (SFC)of Hong Kong warned the public of a purported virtual asset trading platform (VATP) known as "MEXC".

According to the announcement, 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 posted MEXC and its website on the Suspicious Virtual Asset Trading Platforms Alert List on 15 March 2024.

The Hong Kong 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.