The public was alerted by Hong Kong’s Securities and Futures Commission (SFC) on Friday that cryptocurrency exchange MEXC was operating in the region without a licence. The SFC stated in an email that “where appropriate, the SFC will not hesitate to take enforcement action against unlicensed platforms.”
MEXC has previously run afoul of the law. The exchange had been operating in Japan without a registration since April, according to the Financial Services Agency of that nation and the Federal Financial Supervisory Authority of Germany as recently as October.
As Hong Kong works to develop its regulatory framework for the cryptocurrency business, this is the SFC’s second consumer alert this week.
Crypto exchange Bybit was singled out yesterday. In order for businesses to operate in the nation as of June 1, they had to obtain a licence, and the regulator began consulting on regulations for the industry last year.