Hong Kong: Issued SFC order adding virtual asset trading platform 'MEXC' to Suspicious Virtual Asset Trading Platforms Alert List

On 15 March 2024, the Securities and Futures Commission (SFC) in Hong Kong issued a declaration warning the public against the unlicensed virtual asset trading platform 'MEXC'. The platform, actively promoting its services to Hong Kong investors, has neither been licensed by the SFC nor applied for a licence to operate in Hong Kong. Under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, it is an offence to provide virtual asset services in Hong Kong without a licence. The SFC has posted MEXC and its website on the Suspicious Virtual Asset Trading Platforms Alert List and cautions investors against trading virtual assets on unregulated platforms, emphasising the risk of losing their entire investment if the platform ceases operation or suffers from any misappropriation of assets.