Hong Kong SFC & Police Issue Warning of Suspected Fraud by Virtual Asset Trading Platform MEXC, Used Social Media or Messaging Chat Groups to Promote Cryptocurrencies Investments, Victims Unable to Withdraw Funds after Deposits into Bank Accounts
10th February 2024 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) and the Police have issued a warning of suspected fraud by virtual asset trading platform MEXC, using social media or messaging chat groups to promote cryptocurrencies investments but victims are unable to withdraw funds after deposits into bank accounts. Hong Kong SFC: “The Securities and Futures Commission (SFC) and the Police today warned the public of a suspected fraud involving an entity purporting to be a virtual asset trading platform (VATP) and operating under the name of “MEXC” (Note 1). The SFC and the Police have been sharing intelligence on this case under the joint working group that monitors and investigates illegal activities relating to VATPs. MEXC is suspected to have enticed victims to join social media or instant messaging chat groups on the pretence of offering free investment advice. On these chat groups, victims interested in buying cryptocurrencies were referred to websites operated by MEXC. Victims were then asked to deposit funds into designated bank accounts for investment purposes but after that they reported difficulties with fund withdrawal. The SFC posted MEXC and its websites on the Suspicious Virtual Asset Trading Platforms Alert List on 9 February 2024. While the Police have taken steps to block MEXC’s websites, the public should beware of websites with similar domain names which may be continuously created by MEXC. The SFC once again reminds the public to be cautious about “too-good-to-be-true” investment opportunities and advice posted on social media platforms and via instant messaging apps. The public should also be aware that fraudulent, unlicensed platforms will often adopt names similar to those of legitimate entities to confuse investors. Investors should stay vigilant against fraud when making investment decisions.”
” Hong Kong SFC & Police Issue Warning of Suspected Fraud by Virtual Asset Trading Platform MEXC, Used Social Media or Messaging Chat Groups to Promote Cryptocurrencies Investments, Victims Unable to Withdraw Funds after Deposits into Bank Accounts “
Hong Kong SFC & Police Issue Warning of Suspected Fraud by Virtual Asset Trading Platform MEXC, Used Social Media or Messaging Chat Groups to Promote Cryptocurrencies Investments, Victims Unable to Withdraw Funds after Deposits into Bank Accounts
Note:
- MEXC claimed to be a VATP and operates or operated the following websites:
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