The Securities and Futures Commission of Hong Kong (SFC) has
sounded the alarm against two dubious trading platforms, HKCEXP and EDY, today (Monday).
In an official statement released on its website, the SFC cautioned investors
about engaging with these platforms, citing suspicions of fraudulent
activities.
According to the SFC, EDY is purported to be a virtual asset
trading platform, falsely claiming affiliation with a financial institution in
Hong Kong and a digital token system developed by another financial
institution. However, investigations have revealed no such associations exist.
Moreover, investors have lodged complaints stating they encountered
difficulties withdrawing funds from the platform post deposits, indicating
potential malpractices.
EDY, Source: SFC
Similarly, HKCEXP, another entity claiming to be a virtual
asset trading platform, allegedly operates with a fake Hong Kong address and
has misrepresented itself as an “SFC-registered company.” Investors
have reported instances where they were coerced into paying exorbitant fees
under the guise of “taxes” to facilitate withdrawals.
HKCEXP, Source: SFC
Hong Kong SFC Warns Public against HKCEXP for Suspected Crypto Fraud https://t.co/zqF7VdVEsC pic.twitter.com/RU6ERh7gkr
— Coinspeaker (@coinspeaker) March 25, 2024
In response to these alerts, the SFC advises investors to
refrain from dealing with these platforms and to report any suspicious
activities to the regulator promptly. They emphasize the importance of
verifying the legitimacy of trading platforms and ensuring compliance with
regulatory requirements before making any investment decisions.
The Securities and Futures Commission of Hong Kong (SFC) has
sounded the alarm against two dubious trading platforms, HKCEXP and EDY, today (Monday).
In an official statement released on its website, the SFC cautioned investors
about engaging with these platforms, citing suspicions of fraudulent
activities.
According to the SFC, EDY is purported to be a virtual asset
trading platform, falsely claiming affiliation with a financial institution in
Hong Kong and a digital token system developed by another financial
institution. However, investigations have revealed no such associations exist.
Moreover, investors have lodged complaints stating they encountered
difficulties withdrawing funds from the platform post deposits, indicating
potential malpractices.
EDY, Source: SFC
Similarly, HKCEXP, another entity claiming to be a virtual
asset trading…
