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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 concerning a purported digital asset buying and selling platform (VATP)
working beneath the identify "MEXC."

The SFC’s warning comes amidst the lively promotion of its
providers 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 providers,
resembling 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 providers to Hong Kong buyers
with out authorization is taken into account illegal.

Consequently, the SFC has taken decisive motion by itemizing
MEXC and its web site on the Suspicious Digital Asset Buying and selling Platforms Alert
Checklist 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. Buyers are cautioned that
within the absence of regulatory oversight, they face important vulnerabilities,
together with the potential lack of their whole funding. Cases resembling
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 issues, the SFC urges buyers to
train vigilance and chorus from partaking with unlicensed VATPs. For these
unsure concerning the licensing standing of a VATP, the SFC directs them to seek the advice of
its Checklist 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 concerning a purported digital asset buying and selling platform (VATP)
working beneath the identify "MEXC."

The SFC’s warning comes amidst the lively promotion of its
providers 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 providers,
resembling 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 providers to Hong Kong buyers
with out authorization is taken into account illegal.

Consequently, the SFC has taken decisive motion by itemizing
MEXC and its web site on the Suspicious Digital Asset Buying and selling Platforms Alert
Checklist 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. Buyers are cautioned that
within the absence of regulatory oversight, they face important vulnerabilities,
together with the potential lack of their whole funding. Cases resembling
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 issues, the SFC urges buyers to
train vigilance and chorus from partaking with unlicensed VATPs. For these
unsure concerning the licensing standing of a VATP, the SFC directs them to seek the advice of
its Checklist of licensed digital asset buying and selling platforms for verification and
safety.



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