Hong Kong’s 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) operating under the name ‘MEXC’.
MEXC claimed to be VATP and operates or manages the following websites:
The SFC and the Police are sharing information about this case as part of the joint working group that monitors and investigates illegal VAT-related activities.
MEXC is suspected of luring victims to join social media or instant messaging groups under the guise of offering free investment advice. In these chat groups, victims interested in buying cryptocurrency were referred to websites operated by MEXC. Victims were then asked to deposit funds into designated bank accounts for investment purposes, but then reported difficulties with withdrawing funds.
The SFC added MEXC and its websites to the Alert List for Suspicious Virtual Asset Trading Platforms on 9 February 2024. While the police have taken steps to block MEXC’s websites, the public should be aware of websites with similar domain names that may to be continuously created by MEXC.
The SFC once again reminds the public to be cautious about investment opportunities and advice posted on social media platforms and through instant messaging applications. The public should also be aware that unlicensed fraudulent platforms will often adopt names similar to those of legitimate entities to confuse investors. Investors should remain vigilant against fraud when making investment decisions.