Coinspeaker
Hong Kong SFC Warns Public against HKCEXP for Suspected Crypto Fraud 

The Securities and Futures Commission (SFC) of Hong Kong has alerted the public about HKCEXP, an over-the-counter (OTC) digital assets trading platform for suspected crypto fraud. In a statement released on Monday, the financial regulator said it collaborated with Hong Kong police to restrict access to the platform. The move aims to prevent users from falling victim to a scam.

HKCEXP Flagged for Potential Crypto Fraud

The SFC flagged the company for alleged crypto fraud after users complained of experiencing difficulties withdrawing their funds and paying “exorbitant tax” to process transactions.

HKCEXP was established in 2018 and describes itself to users as a regulated crypto exchange. However, the Hong Kong financial watchdog said the firm has no regulatory license to operate in the country.

The SFC disclosed the exchange provided a fake address for its location in Hong Kong on its website to gain investors’ trust. The market watchdog believes the firm must have provided other false and misleading information about itself and its business operations to mislead investors.

The compa...