Hong Kong SFC Issues Warning to Public of 2 Suspected Virtual Asset-Related Fraud Platforms EDY & HKCEXP, Victims Unable to Withdraw Funds or Required to Pay High Fees for Withdrawals
27th March 2024 | Hong Kong
The Hong Kong Securities & Futures Commission (SFC) has issued warnings to the public of 2 suspected virtual asset-related fraud EDY & HKCEXP, with victims unable to withdraw funds or required to pay high fees for withdrawals. Hong Kong SFC on EDY: “The Securities and Futures Commission (SFC) today warns the public of suspected virtual asset-related fraud involving a purported virtual asset trading platform operating under the name of “EDY”. EDY falsely claims to be affiliated to a financial institution in Hong Kong and a digital token system developed by another financial institution, when in fact they are not associated. Victims have reported that they are unable to withdraw funds from the platform after making deposits. While the platform’s website is now inaccessible, the public should beware that EDY may create new ones with similar domain names to mislead investors. Hong Kong SFC on HKCEXP: “The Securities and Futures Commission (SFC) today warns the public of entities operating under the name of “HKCEXP” for suspected virtual asset-related fraud, with victims reporting difficulties and payment of exorbitant “tax” to process withdrawals. HKCEXP falsely provided a fake Hong Kong address on its website to mislead investors. The SFC suspects it has disseminated other false and misleading information about itself and its business as being an SFC-registered company.” More info below:
“ Hong Kong SFC Issues Warning to Public of 2 Suspected Virtual Asset-Related Fraud Platforms EDY & HKCEXP, Victims Unable to Withdraw Funds or Required to Pay High Fees for Withdrawals “
Hong Kong SFC Issues Warning to Public of 2 Suspected Virtual Asset-Related Fraud Platforms EDY & HKCEXP, Victims Unable to Withdraw Funds or Required to Pay High Fees for Withdrawals
On EDY (25th March 2024) – The Securities and Futures Commission (SFC) today warns the public of suspected virtual asset-related fraud involving a purported virtual asset trading platform operating under the name of “EDY” (Note 1). EDY falsely claims to be affiliated to a financial institution in Hong Kong and a digital token system developed by another financial institution, when in fact they are not associated. Victims have reported that they are unable to withdraw funds from the platform after making deposits. While the platform’s website is now inaccessible, the public should beware that EDY may create new ones with similar domain names to mislead investors.
The SFC posted EDY and its website on the SFC’s Suspicious Virtual Asset Trading Platforms Alert List on 25 March 2024. Online investment scams may involve any type of assets and are perpetrated through multiple channels, and falling victims to these scams can result in substantial losses. Therefore, investors should stay vigilant and beware of fraud when making investment decisions.
Note:
- EDY operates at https://edybit.cc.
On HKCEXP (25th March 2024_ – The Securities and Futures Commission (SFC) today warns the public of entities operating under the name of “HKCEXP” for suspected virtual asset-related fraud, with victims reporting difficulties and payment of exorbitant “tax” to process withdrawals (Note 1). HKCEXP falsely provided a fake Hong Kong address on its website to mislead investors (Note 2). The SFC suspects it has disseminated other false and misleading information about itself and its business as being an “SFC-registered company”. At the SFC’s request, the Hong Kong Police Force has taken steps to block access to the relevant website of HKCEXP. Notwithstanding the action taken, the public should beware that scammers may continue to create new ones with similar domain names (Note 3).
The SFC posted HKCEXP and its respective websites on the SFC’s Suspicious Virtual Asset Trading Platforms Alert List on 25 March 2024. Online investment scams may involve any type of assets and are perpetrated through multiple channels, and victims of these scams can suffer substantial losses. Therefore, investors should stay vigilant and beware of fraud when making investment decisions.
Notes:
- HKCEXP is also known as HKCEXP-MAX and HKCEXP OTC Holdings Co.
- HKCEXP operates websites at www.hkcexp-otc.com/h5/ and https://www.hkcexp.com/en/.
- At the time the SFC requested the Hong Kong Police Force to block access to the HKCEXP websites, the website at https://www.hkcexp.com/en/ was already inaccessible. Hence, the SFC only requested the Hong Kong Police Force to block access to the website at www.hkcexp-otc.com/h5/.
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