Hong Kong’s Securities and Futures Commission (SFC) today warned the public about entities operating under the name “HKCEXP” for suspected fraud related to virtual assets. Victims report difficulties and exorbitant “taxes” to process withdrawals.
HKCEXP falsely provided a fake Hong Kong address on its website to mislead investors. The SFC suspects that the company has spread other false and misleading information about itself and its business as an “SFC registered company”.
At the request of the SFC, the Hong Kong Police has taken steps to block access to the relevant HKCEXP website. Despite the actions taken, the public should be aware that fraudsters may continue to create new ones with similar domain names.
The regulator has added HKCEXP and its respective websites to the SFC’s Alert List of Suspicious Virtual Asset Trading Platforms on 25 March 2024.
Online investment scams can involve any type of asset and are perpetrated through multiple channels, and victims of these scams can suffer significant losses. Therefore, investors should remain vigilant and watch out for fraud when making investment decisions.