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CDS Crypto News MEXC on Warning List: Hong Kong SFC Suggests Exchange Is Operating Without License

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MEXC on Warning List: Hong Kong SFC Suggests Exchange Is Operating Without License

MEXC on warning list, the SFC can suspend the exchange's operations.

lectertodd15/03/20241 Mins read400

Mexc On Warning List: Hong Kong Sfc Suggests Exchange Is Operating Without License

Crypto News – On March 15, the Securities and Futures Commission (SFC) of Hong Kong added the cryptocurrency exchange MEXC to its watch list.

MEXC on Warning List: Hong Kong SFC Suggests Exchange Is Operating Without License

The SFC stated that MEXC is actively marketing its services to investors in Hong Kong even though it does not have a license from them or a virtual asset trading platform (VATP) authorization to operate in Hong Kong.

Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, it is an offense to carry on a business of providing a virtual asset service (ie, operating a virtual asset exchange) in Hong Kong and/or actively marketing such services to Hong Kong investors without a license.
SFC

Additionally, the securities regulator cautioned investors against trading digital assets on unlicensed exchanges because doing so carries a risk of losing all of their money if the platform shuts down. There are now twenty cryptocurrency exchanges on the warning list.

The SFC will not hesitate to take enforcement action against unlicensed platforms where appropriate,
SFC

Sources:cointelegraph coindesk

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