The reason why you see an error and the product names look like "Product 0x***" is that you are using an old version of the License Server. Please make sure that you have started the Chaos License Server that is part of your V-Ray or Phoenix installation package, or you can download it from the License Server page on the Chaos website.
Due to an exceptionally high number of inquiries, we're currently facing a larger than usual backlog of tickets. We sincerely apologize for any inconvenience this may cause and appreciate your understanding and patience.