Unlicensed: Hong Kong’s MEXC Crypto Exchange Faces Major Regulatory Backlash

The Securities and Futures Commission of Hong Kong has issued a warning to the public that MEXC, a cryptocurrency exchange, is not operating with a valid license and therefore should not be trusted. The country began accepting applications for crypto businesses to obtain a license in June of last year.

The Hong Kong Securities and Futures Commission (SFC) has recently stated that MEXC, a cryptocurrency exchange currently operating without a valid license, is not to be trusted. In response to this, the SFC has declared that it will take necessary actions against unlicensed platforms if need be. This is not the initial instance of MEXC facing issues with regulatory bodies, as they have previously been flagged by Japan’s Financial Services Agency and Germany’s Federal Financial Supervisory Authority for operating without registration.

In an email statement, the SFC warned that they are taking these matters seriously and are keeping a close eye on all unlicensed crypto exchanges. Bybit, a crypto exchange, was also singled out for a similar consumer alert this week. As Hong Kong continues to develop its regulatory framework for the crypto industry, the SFC is urging all firms to comply with its new guidelines and obtain a valid license to operate in the country. These new regulations went into effect on June 1st of last year.