Share this article
Hong Kong Regulator Says Crypto Exchange MEXC Has Been Operating Without a License
Last year, regulators in Japan and Germany also alerted consumers the exchange was unlicensed.
Updated Mar 15, 2024, 10:45 a.m. Published Mar 15, 2024, 10:43 a.m.
- The Hong Kong's Securities and Futures Commission warned the public that MEXC had been operating without a license.
- The country started accepting applications for crypto firms to get a license to operate in the county June last year.
Hong Kong's Securities and Futures Commission (SFC) warned the public Friday that crypto exchange MEXC was operating in the territory without a license.
"The SFC will not hesitate to take enforcement action against unlicensed platforms where appropriate," the SFC said in an emailed statement.
STORY CONTINUES BELOW
This is not the first time MEXC has fallen foul of regulators. Last April Japan's Financial Services Agency said the exchange had been operating in the country without registration, as did Germany's Federal Financial Supervisory Authority as recently as October.
The consumer alert is the SFC's second this week as Hong Kong tries to establish its regulatory regime for the crypto industry. Yesterday it singled out crypto exchange Bybit. The regulator started consulting on rules for the sector last year, and firms had to get a license to operate in the country from June 1.
More For You
Fintech and Crypto Firms Seek Bank Charters Under Trump Administration: Reuters
Financial technology and crypto firms are increasingly applying for state or national bank charters, despite the community’s historical resistance to centralized banking.
What to know:
- Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
- Becoming a bank allows firms to accept deposits and lower borrowing costs but brings stricter oversight.
- Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.
Top Stories
