The Hong Kong Securities and Futures Commission has added VEX to its alert list for suspected involvement in virtual asset-related fraudulent activities.

Jinse Finance reported that the Hong Kong Securities and Futures Commission (SFC) has warned the public to beware of an entity named "VEX/Volcano Exchange," which is suspected of engaging in virtual asset-related fraudulent activities and has been added to the SFC's alert list along with its website. The SFC further stated that VEX or Volcano Exchange claims to be a licensed virtual asset trading platform operating in Hong Kong, but it has not obtained a license from the SFC. The entity also falsely claims to be cooperating in Hong Kong with a company licensed by the SFC, but the licensed corporation has confirmed that it has no relationship with it.