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Hong Kong alert about fraudulent crypto exchange masquerading as MEXC Global

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Hong Kong’s Securities and Futures Commission (SFC) and local law enforcement have jointly issued a public warning against an entity masquerading as crypto exchange MEXC Global.

The scammers are reportedly pretending to be a legitimate virtual asset trading platform (VATP) and luring unsuspecting victims into participating in what appears to be a crypto investment scam.

The scammers are reportedly pretending to be a legitimate virtual asset trading platform (VATP) and luring unsuspecting victims into participating in what appears to be a crypto investment scam.

The list of blocked web domains included in the alert shows the scammers are using links with addresses that start with “mexc” and end in random alphabets akin to phishing links.

MEXC Global’s actual website does not appear in the list as of press time.

Fraud warning
The SFC has placed MEXC and its associated websites on the Suspicious Virtual Asset Trading Platforms Alert List as of Feb. 9, following intelligence shared between the SFC and the police under a joint working group focused on monitoring and investigating illegal activities in the virtual asset space.

Victims were reportedly drawn into social media or instant messaging chat groups under the guise of receiving free investment advice, only to be directed to MEXC-operated websites for crypto purchases. Subsequently, these individuals were prompted to deposit funds into specific bank accounts for investment purposes, facing difficulties when attempting to withdraw their funds later.

The Hong Kong Police have taken steps to block access to websites operated by MEXC. However, there is an ongoing concern that MEXC may continue to create new websites with similar domain names to perpetuate their fraudulent scheme. The public is urged to exercise caution and remain vigilant against such deceptive practices.

The SFC’s repeated warnings emphasize the importance of due diligence and the need for investors to be wary of “too-good-to-be-true” investment opportunities, especially those promoted through social media platforms and instant messaging apps.

The regulatory body said that fraudulent, unlicensed platforms often adopt names similar to legitimate entities to mislead investors. The public is advised to verify the legitimacy of virtual asset trading platforms before engaging in any investment activities to safeguard against potential fraud.

Regulatory crackdown
The warning against MEXC comes amidst a broader regulatory crackdown on unlicensed crypto operations in Hong Kong following the introduction of a regulatory framework for licensing crypto exchanges last year.

The SFC recently reminded entities engaged in crypto exchange services to apply for licenses by Feb. 29 or cease operations by May 31. To date, Hong Kong has issued licenses to two platforms under the new framework — HashKey and OSL.

Additionally, Hong Kong authorities have launched a public consultation on legislative proposals aimed at implementing a comprehensive licensing regime for providers of over-the-counter virtual asset trading services.

This initiative seeks to mandate licensing requirements for entities offering spot trading services for virtual assets and proposes extending the oversight of the Commissioner of Customs and Excise (CCE) to encompass all over-the-counter virtual asset services. This includes monitoring licensees’ compliance with anti-money laundering and anti-terrorist financing standards.

Source: Cryptoslate

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Crypto Currency

Binance Lawsuit SEC Extends Its Regulatory Oversight Over $115 Billion Assets

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The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Binance, a cryptocurrency exchange, for allegedly violating securities laws. This move marks an expansion of the SEC’s oversight to encompass crypto assets valued at over $115 billion.

In the lawsuit, filed on Monday, the SEC identified several tokens that it considers within its regulatory jurisdiction. Trading platforms offering support for these tokens will be required to adhere to stricter protective measures. Consequently, other exchanges may be reluctant to provide support for these digital assets, potentially limiting their tradability on the open market.

The SEC’s filing specifically mentions several top altcoins, including Binance’s BNB, Polygon’s MATIC, Solana’s SOL, Cardano’s ADA, Filecoin’s FIL, and Algorand’s ALGO. In conjunction with other assets like XRP, these tokens bring the total value under the SEC’s purview to $115 billion.

SEC Chair Gary Gensler has previously stated that most tokens are subject to securities laws for the purpose of investor protection. However, this lawsuit marks the first instance of the SEC specifically naming cryptocurrencies, indicating a potentially stricter regulatory approach.

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Binance has swiftly responded to the lawsuit, defending itself and claiming that it is an attack on the entire industry. The exchange stated that while it takes the SEC’s allegations seriously, they should not warrant an enforcement action, particularly on an emergency basis. Binance intends to vigorously defend its platform against the lawsuit.

Other industry participants have also voiced support for Binance. Jeff Dorman, Chief Investment Officer at digital-asset specialist Arca, commented that the SEC’s actions may negatively impact U.S.-based exchanges like Coinbase and Kraken, who will have to decide whether to delist tokens deemed as securities. Market makers in the U.S. may also be forced to cease trading certain tokens listed as securities.

Following the announcement of the SEC lawsuit, the entire crypto market experienced a significant downturn. Bitcoin’s price dropped by approximately 4.5%, while other altcoins experienced declines of 6-8%. However, Dorman believes that the lawsuit’s impact on the crypto market will be short-lived, as most cryptocurrencies are traded on offshore exchanges.

Coinbase and Kraken, both facing their own legal battles with the SEC, have not yet commented on the lawsuit against Binance. Coinbase previously stated that it would not delist tokens deemed as securities by the SEC until a final court decision is reached.

The prevailing question within the crypto industry is whether the SEC is planning further aggressive actions and lawsuits akin to its approach to XRP.

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JPMorgan, 6 Indian Banks to Settle Dollar Trades on Onyx Blockchain System

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JPMorgan Collaborates with Six Indian Banks to Settle Dollar Trades on Onyx Blockchain System

In a groundbreaking initiative, JPMorgan (JPM) has partnered with six prominent Indian banks to facilitate interbank dollar transactions through its blockchain-based trading platform called Onyx. According to a report by Bloomberg, the investment bank plans to conduct a pilot project over the next few months in collaboration with HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IndusInd Bank, and JPMorgan’s own banking unit in Gujurat, India.

The primary objective of this ambitious project, commencing today, is to enable real-time settlement of dollar trades, irrespective of the time of day, as opposed to the current practice of settling such trades over several days and only during the working week. Onyx, which was established in 2020, serves as JPMorgan’s digital assets network for facilitating wholesale payment transactions.

GIFT City, also known as the Gujurat International Finance Tec-City, has been chosen as the headquarters for this initiative. GIFT City represents India’s strategic endeavor to establish an international finance hub to rival prominent financial centers like Singapore and Dubai.

At the time of reporting, JPMorgan had not yet responded to CoinDesk’s request for comment on the matter.

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Crypto Currency

Web3 Gamer: GTA 6 get paid in cryptocurrency ?

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Speculation Surrounds Grand Theft Auto VI’s Integration of Cryptocurrency

Rumors are once again circulating about the incorporation of cryptocurrency and non-fungible tokens (NFTs) in the highly anticipated game, Grand Theft Auto VI, igniting curiosity and speculation among fans.

Social media posts, particularly on Twitter, have suggested that GTA 6 will introduce a play-to-earn concept, where in-game items like cars and weapons will be transformed into NFTs.

Rockstar Games, the creator of the GTA series, has yet to address the validity of these claims, leaving little concrete evidence to support the rumors at this time.

It’s worth noting that the company took action against the usage of cryptocurrency in GTA back in November of the previous year. Cease and desist letters were sent to companies operating public servers with blockchain integrations, dealing a significant blow to several game developers who had built their titles on this platform.

Considering the remarkable success of its predecessor, GTA 5, which has sold over 180 million copies and generated a staggering $8 billion in revenue since its release in 2015, it appears unlikely that Rockstar would drastically deviate from the winning formula of the franchise. Fans can expect the next installment to be released either next year or in 2025.

While there is a possibility of a cryptocurrency element being included in the game, it might not align with the expectations of cryptocurrency enthusiasts. Game Rant suggests that Rockstar Games could potentially employ cryptocurrency as a subject of satire or ridicule within the game’s narrative, rather than as a prominent gameplay mechanic.

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Crypto Currency

Brazilian crypto exchange Mercado Bitcoin licensed as payment provider

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As a payment institution, MB Pay will enable certain digital banking services to the crypto exchange’s users in the country.

Cryptocurrency exchange Mercado Bitcoin was granted a payment provider license from Brazil’s central bank on June 2, according to local media reports. With the license, the company will launch its fintech solution MB Pay.

“The approval of the Central Bank is a crucial step, as it allows us to continue expanding our business and providing a better service to our customers,” said Roberto Dagnoni, CEO of 2TM, the parent company of Mercado Bitcoin.

As a payment institution, MB Pay can provide Brazilian users with specific digital banking services using crypto assets held on the exchange, such as digital fixed-income investments, staking and other financial transactions. A debit card offering a crypto off-ramp for users is expected to go live soon.

Previously, traditional local broker Guide Investimentos also announced a partnership with Mercado Bitcoin to enter the digital asset market.

Mercado Bitcoin’s fintech rollout had been planned for 2021 but was delayed due to the regulator’s approval process. The development came on the same day Mercado Bitcoin was ordered to return over 2,182 Bitcoin — worth $59.3 million at the time of writing — back to a group of investors, alleging that a co-founder and former executive had withheld funds in a fabricated hack in 2013.

A vibrant demand for digital solutions and a population of almost 214 million have drawn crypto firms to the Latin American country. Binance has previously ranked Brazil among its top global markets. Its local partner, Latam Gateway, was also granted a payment provider license in the country on May 19.

Other crypto exchanges licensed as payment providers in Brazil include Crypto.com and Bitso.

Coinbase is also expanding operations in the country. Since March, the American exchange has partnered with local payment providers to offer crypto purchases, and enable deposits and withdrawals in the local currency.

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Hong Kong and UAE central banks collab on crypto rules, fintech development

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The central banks of Hong Kong and the United Arab Emirates (UAE) have expressed their intention to collaborate on cryptocurrency regulations and the development of financial technology. The Hong Kong Monetary Authority (HKMA) announced on May 30 that it had met with the Central Bank of the UAE (CBUAE), with both institutions agreeing to enhance cooperation in the areas of “virtual asset regulations and developments.”

In addition, the two central banks have committed to facilitating discussions on joint fintech initiatives and sharing knowledge through their respective innovation hubs. They also discussed the importance of financial infrastructure and market connectivity between their jurisdictions.

H.E. Khaled Mohamed Balama, the Governor of the CBUAE, expressed his expectation that the relationship with the HKMA will be ongoing and long-term. Following the meeting, a seminar was held for senior executives from banks in Hong Kong and the UAE. The seminar covered various topics, including ways to enhance cross-border trade settlement and how UAE corporations can leverage Hong Kong’s financial infrastructure platforms to access Asian and mainland markets.

This collaboration comes at a time when the Hong Kong Securities and Futures Commission (SFC) has announced that virtual asset service providers (VASPs) will be allowed to cater to retail investors in Hong Kong starting from June 1. Hong Kong’s treasury chief, Christopher Hui, recently stated that the city has embraced the trading of cryptocurrencies by retail investors under its new regulatory framework because “virtual assets are going to stay.” Hui emphasized the benefits of cryptocurrencies, asserting that their advantages outweigh the associated risks. He stressed the importance of regulating these activities to harness their positive elements.

Since the SFC unveiled the application process, several cryptocurrency exchanges, including CoinEx, Huobi, and OKX, have submitted applications for dedicated Hong Kong crypto trading services.

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Chinese CCTV’s Crypto Promotes Bitcoin; Bull Run Expected Soon

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China Central Television (CCTV), the government-owned broadcasting corporation of China, recently aired a brief segment on the adoption of cryptocurrencies in Hong Kong, reaching an audience of over 1 billion viewers in Mainland China.

During the segment, state news anchors informed viewers that Hong Kong regulators had completed their preparations for the trading of virtual assets in the special administrative region. They further mentioned that applications from virtual asset trading platforms would be accepted. Notably, the broadcast did not contain any explicitly negative comments about cryptocurrencies, which stood in contrast to China’s official policy of banning cryptocurrency mining and exchanges in other parts of the country.

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This programming development was seen as significant by some viewers, including Binance CEO Changpeng Zhao. According to Zhao, the Chinese-speaking communities were abuzz with excitement, as similar coverage in the past had often resulted in bullish market trends.

However, the enthusiasm was short-lived, as Chinese authorities reportedly removed the link to the segment just two days after its airing. This was not the first instance of such incidents occurring. Last month, Douyin, the Chinese version of TikTok with a user base of over 1 billion, began displaying cryptocurrency price quotes in its in-app search index. This move sparked a frenzy among Chinese crypto users, only to have the price quotes removed from the app a day later, accompanied by a message advising cautious investment due to the unofficial status of digital currencies compared to fiat currencies.

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