The Securities and Futures Commission (SFC) of Hong Kong started to tighten its oversight of the digital currency business after some high-profile frauds were made public.
EDY faces allegations for falsely claiming business relationships and marketing the notion that it had a well-known virtual coin. Investors are also apparently having trouble getting their money back from the platform.
Although EDY’s website is no longer available, the SFC has issued a warning, advising consumers to exercise extra caution when visiting other scam sites that may fool them.
As of March 25, the SFC has added EDY and HKCEXP, two more cryptocurrencycurrency exchanges, to its alert list of sites suspected of engaging in unlawful behavior.
It has been claimed that HKCEXP is involved in financial scams to the point of charging high extraction fees and providing an erroneous fully designed address in Hong Kong.
The SFC does not exclude well-known names from its attempts to prevent scammers. The authorities had earlier issued a notice to cryptocurrencycurrency platforms such as Bybit and MEXC for operating online trading services in the area without the required permits or approvals.The SFC of Hong Kong is investigating dubious activities on cryptocurrencycurrency exchanges EDY and HKCEXP. The exchanges are accused of operating illegally and deceiving investors.
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