Hong Kong’s Securities and Futures Commission has issued an alert about a suspicious platform masquerading as the famous cryptocurrency exchange MEXC. It turns out that the site is scamming investors by promising free advice before extracting funds.
SFC warns of platform targeting crypto investors
Last Friday, the Securities and Futures Commission of Hong Kong urged local investors to beware of a fraudulent platform posing as MEXC, the popular trading platform with over 10 million users in 170 countries. A joint investigation with the police revealed that this suspicious entity had defrauded numerous victims.
According to the SFC, this fraudulent platform operating under the name of “MEXC ” attracted its victims via discussion groups on social networks. Presenting herself as a provider of free investment advice in cryptos. The scam then incited members of these groups to deposit funds into bank accounts, allegedly dedicated to investing in crypto assets. Once the funds were transferred, investors found themselves unable to withdraw them or make any purchases.
This scam specifically targeted crypto users, quick to seize tempting opportunities.
Following this announcement, MEXC was quick to point out that the site called into question by the SFC was an unrelated infringement. In a press release, MEXC advised investors to avoid any interaction with such fraudulent platforms and that its only official website was mexc.com.
For its part, the SFC continues to warn the public against too-good-to-be-true investment offers, stressing the need for vigilance in financial decisions. The regulator has also listed eight websites associated with this bogus “MEXC” platform.
The SFC’s warning comes at a delicate time for the MEXC platform. Since December 2022, it has been facing controversy, being accused of manipulating its order books and arbitrarily excluding certain investors.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
