Bitcoin Forum

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Today ,HKCEX announced that they has raised 25million dollars .The investors include some private funds from inland and HongKong .
The investors try to buy bitcoin from the trading place .To protect from the risk ,the trading place only uses official software from bitcoin funds foundation and provides the whole code with three layer control .
What attracts investors enter to the trading place is that they can get the trading certification MSO released by HK customs .
Besides ,the trading place has discussed with the famous insurance company to sign a contract to protect clients’ profit .

Remaks: Due to language difference, sometimes people out of China can’t know what happened in China quickly. so we are here to make effort to change little, we will translate 3-4 bitcoin news in China to English everyday to help people out of China know what happened and what people thinks about bitcoin in China, If somewhere translate not that good, pls PM us so that we can  correct it.
Source http://www.btcfans.com/article-5402-1.html

The insurance idea is a good one. They would definitely get a larger market share with that kind of protection.

Definitely not a bad idea...

Are the exchanges bonded at all? Since they are dealing with other currencies, I have no issue with exchanges being regulated to a degree so long as the regulation is strictly aimed at the exchange, to make sure it's legitimate and solvent...but NOT in any manner to dig into client account info or direction of transactions.

If they're not bonded, that wouldn't be a bad idea if they had to go through some sort of official process, get bonded, get insured, file a special licence or fee - which would cut down on fly by night operations who want to spring up.

Another possible option would be that all new exchanges must develop a proven track record and users rate it. Even the option of the colorcoin as a vote of confidence would be good...and if an exchange has a good user rating, a positive or high enough color quota, and has a good report card, then after a year or however long, they get an endorsement from the big names involved in bitcoin. Or bitcoin.org or blockchain even. The record can even be made part of the blockchain - give exchanges real reputation points to maintain and if they drop below it, their value drops, and at a certain threshold they're on notice of failure. If they can't recover, out they go.

That would help gain public trust over time and be incentive for legit exchanges to come up and weed out the crooks who set up shop, take in big money, fake a hack and split with peoples' wealth.

last night deposited around 4 ltc and after selling that initiated withdrawal request of usd and still waiting for confirmation lets see what happen :)

Only time will tell

Please let us know.

Price is too high to be true.

Usually what they do is they don't allow you to withdraw the 0.88btc they gave. That's the way they encourage you to stay and play there.
But in this case some are already reporting that withdrawal is not working. Could be a scam. Be cautious.

would they legally be able to circumvent the Chinese hindrance of bitcoin? I'm not so familliar with the HK and China financial laws it would interesting to see how this could affect the chinese market

Terms sound a little too good to by true
Chinese govt Trojan horse to keep tabs?

Why did they need 25 million in startup funding exactly???

Will be similar to the gambling sites. There will be a 5x or 10x limit. If you deposit BTC10, then you may have to trade at least BTC50 or BTC100, to be eligible for the bonus amount.

They stole my money, looks like their website has dissapeared as well :/

same here sir...lost 1.9 btc...maybe manteniance ?

no one would give 8% bonus, even if possible to get this return with cryptos, if 1 or 2% would be enough to be better than almost all investiments around here. Plus nothing said about PBOC, and HK is chinese land for some time.


For me is a scam

I will repeat this again….. even though it may not specifically relate to this company.

ANY company who CLAIM they operate out of HK, MUST be able to supply you with a copy of their business registration number.
If they refuse, it is illegal and you can report them to the HK fraud squad as well as the inland revenue DPT.( it is illegal in HK to operate as a business and not be registered)

With the BR number you can get a COMPLETE list of the directors, addresses and other details about the company from the government websites which are in ENGLISH.

It is ILLEGAL in hong Kong to operate any sort of money changing service/exchange (bitcoin) UNLESS it is correctly registered with the local government and the business has a money changers license.
Also  there is a legal requirement to obtain the details of customers to prevent money laundering. ( so an exchange taking your BTC and not asking your details, is a fairly clear indication)

No one can claim to run a business in HK or even operate from an address in HK unless they are correctly registered.( there is even a LEGAL requirement for them to display a copy of their BR at EVERY location the do business from and it must be visible to the public/customers)


So… Ask for their:
1.  Business registration number.
2.  MSO license

If they refuse then most likely they are SCAM artists, if they say the above  does not apply to them.. then they ARE scam artists.

Actually the 25 million in 'funding' was NOT funding but supposedly  related to  an unknown group who were going to purchase  25mill in BTC via the exchange at some indeterminate time, which is actually something completely different…..

RF

According to their web site...
CR.No 1979508
MSO License: 14-02-01350
Address: 56 Belcher's St, Sai Wan (Hong Kong)

I received an email from them earlier...

Dear <pletharoe>,


Our service is under massive DDoS attack. We're moving to CloudFlare. All coins are in cold storage, there are no database leaks.
All withdrawals will be sent today.


Thank you for patience and understanding.


--
Orlando James,
Technical Support,
HKCEx
www.hkcex.net

I See they are on cloudflare now. lets see if the scam goes 100% or they are legit... the website now loads....

lol... these guys should learn something from the BTC-E. That exchange have been under constant DDoS attacks for more than 2 years now. Still, data leaks never occurred even once.

I just reported this to the HK Joint Financial Intelligence Unit (financial police).  Hopefully more people will do the same.  Here's the link.

http://www.jfiu.gov.hk/en/contact_us.html

This isn't an exchange.  It is a one way honeypot.  Coins go in, they never come out.

We got an reader report not able to withdraw and we visit the address from their website

http://bitcoinnews.hk/2014/05/22/%E8%B7%9F%E9%80%B2%E6%9C%AC%E7%B6%B2%E8%AE%80%E8%80%85%E5%B0%8Dhkcex%E7%9A%84%E7%96%91%E5%95%8F/

 ??? ??? ???

There is not HKCEx but 7-11 and property agent

http://bitcoinnews.hk/safe-content/uploads/2014/05/IMG_20140522_080703-200x180.jpg

The reader has called HK police.

http://bitcoinnews.hk/