Hong Kong’s Securities and Futures Commission (SFC) has identified 33 additional suspicious websites impersonating HashKey, a licensed crypto trading platform. This brings the total number of flagged impersonators to 45.
HashKey, which in November 2022 became the second exchange to receive a crypto license from the SFC, reported these fraudulent links, stating that they slightly altered official website addresses to mislead users.
In a notice to clients, HashKey emphasized that it has no connection to the fraudulent websites. The SFC has been actively monitoring suspicious cryptocurrency platforms, including unlicensed exchanges and impersonators, since November 2021. As of Jan. 29, the regulatory body has flagged at least 91 platforms and links that it considers suspicious.
Among the notable cases is JPEX, which has been compared to the infamous FTX scandal. JPEX was accused of defrauding investors of approximately 1.3 billion Hong Kong dollars (around $166 million), affecting around 2,000 individuals.
The SFC's warning about JPEX operating without a license sparked the scandal, despite the platform's claims of legitimacy.
As of late January 2025, HashKey and OSL are the only two crypto trading platforms officially licensed by the SFC. The regulatory body has begun to increase its approvals, recently adding YAX and PantherTrade to the list on Jan. 27, bringing the total number of licensed platforms to nine.
Hong Kong aims to position itself as a leading digital assets hub, competing with Singapore, which has issued over 30 full licenses to cryptocurrency companies.
Despite this, Hong Kong has made strides in launching spot Bitcoin and Ether exchange-traded funds (ETFs), with local officials indicating a commitment to enhancing the cryptocurrency landscape.