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The Hong Kong Securities and Futures Commission has included VEX in its warning list for suspected involvement in virtual asset-related fraud activities.
According to Mars Finance, the Hong Kong Securities and Futures Commission has warned the public to be cautious of an entity called “VEX/Volcano Exchange,” which is suspected of engaging in fraud related to virtual assets and has been placed on a warning list along with its website. The Hong Kong Securities and Futures Commission stated that VEX claims to be a licensed virtual asset trading platform operating in Hong Kong but does not hold a license. The entity also falsely claims to be collaborating with a company licensed by the Hong Kong Securities and Futures Commission, but that licensed corporation has confirmed that it has no relationship with VEX.