Two trading platforms, HKCEXP and EDY, have raised alarms with the SFC.
The firms are accused of falsely claiming affiliation and misrepresenting regulatory registration.
SFC's Hong Kong Office
The Securities and Futures Commission of Hong Kong (SFC) has
sounded the alarm against two dubious trading platforms, HKCEXP and EDY, today (Monday).
In an official statement released on its website, the SFC cautioned investors
about engaging with these platforms, citing suspicions of fraudulent
activities.
Allegations of False Claims and Withdrawal Woes
According to the SFC, EDY is purported to be a virtual asset
trading platform, falsely claiming affiliation with a financial institution in
Hong Kong and a digital token system developed by another financial
institution. However, investigations have revealed no such associations exist.
Moreover, investors have lodged complaints stating they encountered
difficulties withdrawing funds from the platform post deposits, indicating
potential malpractice.
EDY, Source: SFC
Similarly, HKCEXP, another entity claiming to be a virtual
asset trading platform, allegedly operates with a fake Hong Kong address and
has misrepresented itself as an "SFC-registered company." Investors
have reported instances where they were coerced into paying exorbitant fees
under the guise of "taxes" to facilitate withdrawals.
HKCEXP, Source: SFC
In response to these alerts, the SFC advises that investors refrain from dealing with these platforms and report any suspicious
activities to the regulator promptly. They emphasize the importance of
verifying the legitimacy of trading platforms and ensuring compliance with
regulatory requirements before making any investment decisions.
SFC Warning on Bybit's Unlicensed Offerings
The SFC issued a warning to investors regarding Bybit
and its offerings in the cryptocurrency space, as reported earlier by Finance
Magnates. Bybit, a cryptocurrency exchange, lacks the necessary
licensing, posing risks to investors. The SFC identified 11 of Bybit's products
as potentially suspicious investments, including futures contracts, options,
leveraged tokens, and other crypto-related services.
These products have been marketed to investors in Hong Kong
without proper authorization, exposing them to significant financial risks.
Dealing with crypto-related products in Hong Kong is regulated, requiring
entities to obtain licensing from the SFC.
The Securities and Futures Commission of Hong Kong (SFC) has
sounded the alarm against two dubious trading platforms, HKCEXP and EDY, today (Monday).
In an official statement released on its website, the SFC cautioned investors
about engaging with these platforms, citing suspicions of fraudulent
activities.
Allegations of False Claims and Withdrawal Woes
According to the SFC, EDY is purported to be a virtual asset
trading platform, falsely claiming affiliation with a financial institution in
Hong Kong and a digital token system developed by another financial
institution. However, investigations have revealed no such associations exist.
Moreover, investors have lodged complaints stating they encountered
difficulties withdrawing funds from the platform post deposits, indicating
potential malpractice.
EDY, Source: SFC
Similarly, HKCEXP, another entity claiming to be a virtual
asset trading platform, allegedly operates with a fake Hong Kong address and
has misrepresented itself as an "SFC-registered company." Investors
have reported instances where they were coerced into paying exorbitant fees
under the guise of "taxes" to facilitate withdrawals.
HKCEXP, Source: SFC
In response to these alerts, the SFC advises that investors refrain from dealing with these platforms and report any suspicious
activities to the regulator promptly. They emphasize the importance of
verifying the legitimacy of trading platforms and ensuring compliance with
regulatory requirements before making any investment decisions.
SFC Warning on Bybit's Unlicensed Offerings
The SFC issued a warning to investors regarding Bybit
and its offerings in the cryptocurrency space, as reported earlier by Finance
Magnates. Bybit, a cryptocurrency exchange, lacks the necessary
licensing, posing risks to investors. The SFC identified 11 of Bybit's products
as potentially suspicious investments, including futures contracts, options,
leveraged tokens, and other crypto-related services.
These products have been marketed to investors in Hong Kong
without proper authorization, exposing them to significant financial risks.
Dealing with crypto-related products in Hong Kong is regulated, requiring
entities to obtain licensing from the SFC.
Tareq is a financial writer with 15 years of experience covering global markets. His work spans technical analysis, forex broker reviews, and market sentiment, with a focus on topics relevant to retail traders. He joined Finance Magnates in 2023.
At Finance Magnates, he serves as News Editor, covering retail forex and CFD brokers, cryptocurrency exchanges, fintech firms, and regulatory developments shaping the trading industry. He holds an Honours degree in Information Technology from Anfell College, London.
Education:
Honours degree Information Technology, Anfell College, London
WhiteBIT secures brokerage license in Georgia to launch regulated crypto derivatives
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👉 Be part of FM Awards 2026: https://awards.financemagnates.com/#nominate
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Following this milestone, FP Markets continues to focus on growth, technology investment, and its core values of transparency and excellence.
👉 Be part of FM Awards 2026: https://awards.financemagnates.com/#nominate
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We cover the broker’s overall offering, including account options, trading environment, platforms like MT4 and MT5, and additional services such as managed accounts and fast withdrawals.
Watch the full video to see if Hola Prime Markets fits your trading needs.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
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▶️ YouTube: /@financemagnates_official
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In this video, we review @HolaPrimeMarketsOfficial, a multi-asset forex and CFDs broker offering different account types, trading platforms, and flexible trading conditions.
We cover the broker’s overall offering, including account options, trading environment, platforms like MT4 and MT5, and additional services such as managed accounts and fast withdrawals.
Watch the full video to see if Hola Prime Markets fits your trading needs.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
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▶️ YouTube: /@financemagnates_official
#HolaPrime #ForexBroker #CFDTrading #FinanceMagnates #Trading #Forex #BrokerReview
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In this video, we review @HolaPrime_Global, a proprietary trading firm offering evaluation programs and performance-based payouts in simulated market environments.
We cover how the challenge model works, including account types, profit splits (up to 95%), trading rules, and what it takes to reach a funded account. You’ll also learn about available platforms like MT4, MT5, cTrader, and more, along with insights into payouts, support, and trading conditions.
Watch the full video to see if Hola Prime fits your trading style.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
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▶️ YouTube: /@financemagnates_official
#HolaPrime #PropFirm #Trading #FinanceMagnates #Forex #FuturesTrading #TradingReview #PropFirmReview
In this video, we review @HolaPrime_Global, a proprietary trading firm offering evaluation programs and performance-based payouts in simulated market environments.
We cover how the challenge model works, including account types, profit splits (up to 95%), trading rules, and what it takes to reach a funded account. You’ll also learn about available platforms like MT4, MT5, cTrader, and more, along with insights into payouts, support, and trading conditions.
Watch the full video to see if Hola Prime fits your trading style.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
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🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#HolaPrime #PropFirm #Trading #FinanceMagnates #Forex #FuturesTrading #TradingReview #PropFirmReview
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Axi takes the spotlight at the Finance Magnates Awards, winning Global Most Innovative Broker 2025.
Olivia Xenofontos and Ivanna Openko share how the team will feel: proud, motivated, and ready to keep delivering.
They also describe the night as well-organized, focused, and enjoyable for all.
👉 Be part of FM Awards 2026.
Axi takes the spotlight at the Finance Magnates Awards, winning Global Most Innovative Broker 2025.
Olivia Xenofontos and Ivanna Openko share how the team will feel: proud, motivated, and ready to keep delivering.
They also describe the night as well-organized, focused, and enjoyable for all.
👉 Be part of FM Awards 2026.
Recognition that matters.
Built on transparency.
Driven by the industry.
The Finance Magnates Awards 2026.
Nominations are now open.
🔗 https://awards.financemagnates.com/?utm_source=SM&utm_medium=social&utm_campaign=recognition-matters
Recognition that matters.
Built on transparency.
Driven by the industry.
The Finance Magnates Awards 2026.
Nominations are now open.
🔗 https://awards.financemagnates.com/?utm_source=SM&utm_medium=social&utm_campaign=recognition-matters
