Connect with us

Crypto

Hong Kong SFC Issues Alert Against HKCEXP for Suspected Crypto Fraud

SFC alerts against HKCEXP crypto scam in Hong Kong, urging investors to verify platforms’ legitimacy. Stay vigilant to avoid financial risks.

Jay Hicks

Published

on

Hong Kong SFC Issues Alert Against HKCEXP for Suspected Crypto Fraud

The Securities and Futures Commission (SFC) of Hong Kong has raised a red flag against HKCEXP, an over-the-counter (OTC) digital assets trading platform, over suspected crypto fraud. Users reported difficulties in fund withdrawals and excessive transaction taxes, prompting the SFC to intervene.

Despite HKCEXP’s claims of being a regulated crypto exchange, the SFC asserts that it lacks the necessary regulatory license to operate in Hong Kong. SFC alerts against HKCEXP crypto scam in Hong Kong, urging investors to verify platforms’ legitimacy. Stay vigilant to avoid financial risks.

SFC Intervention

The SFC, in collaboration with local authorities, has taken action to restrict access to HKCEXP, aiming to target users from potential scams. The commission revealed variations, including a falsified Hong Kong address on HKCEXP’s website, undermining investor trust. HKCEXP operates under various entities, including HKCEXP-MAX and HKCEXP OTC Holdings Co.

HKCEXP Accused of Misleading Practices

This is another proof that the SFC has been vigorously fighting possible fraud related to cryptocurrencies.

The other day, this regulator gave notice to Bitforex for some alleged fraud involving digital currency and, earlier, to MEXC for operations without permission to run its business in the territory.

Also Read: Hong Kong-based Crypto Venture’s $100M Fund Targets Blockchain Startups in Asia

The SFC requests that investors be observant since this conduct has affected traditional asset classes like stocks, bonds, and online investment programs.

Stay Informed

Investors are urged to proceed cautiously and validate the authenticity of the trading platforms through official festivals, like the public register of the SFC-licensed entities.

The commission’s continued operations against fraudulent dealings in the crypto startup domain repeat the significance of effective information on this sphere of trade. Since online scams cause serious financial threats, purposeful and right decision-making should be observed.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *