Hong Kong’s SFC issues warnings to traders about MEXC
In recent regulatory actions, Hong Kong‘s Securities and Futures Commission (SFC) has taken a firm stance against cryptocurrency exchange MEXC by adding it to its cautionary list on March 15. This development highlights the SFC’s vigilance in ensuring compliance within the crypto industry, especially regarding licensing requirements for operating in Hong Kong. MEXC under the scrutiny of Hong Kongs SFC MEXC has been under scrutiny for actively promoting its services to investors in Hong Kong without obtaining the necessary licenses from the SFC, particularly the virtual asset trading platforms (VATP) license essential for legal operation in the region. This lack of proper licensing puts MEXC in violation of Hong Kongs Anti-Money Laundering and Counter-Terrorist Financing Ordinance, which deems providing virtual asset services, including operating a virtual asset exchange, without proper authorization as unlawful. The SFC‘s warning serves as a reminder to all entities operating in the crypto space to adhere to regulatory requirements to avoid legal repercussions. The SFC’s action against MEXC comes shortly after it added the Bybit crypto exchange to its cautionary list, underscoring the regulatory scrutiny faced by unlicensed crypto exchanges in Hong Kong. Currently, the SFC‘s cautionary list comprises 20 cryptocurrency exchanges lacking the necessary licenses to operate in the