Hong Kong SFC Continues Crypto Oversight, Reveals Dozens of New Fake Platforms

In a major development concerning crypto asset security, Hong Kong’s Securities and Futures Commission (SFC) has flagged 33 new suspicious websites falsely claiming to be affiliated with HashKey, a licensed cryptocurrency trading platform in the region.

This announcement increases the number of reported HashKey impersonators to 45. According to the SFC, these fraudulent platforms used minor alterations in official links associated with HashKey in an attempt to deceive potential investors.

HashKey Response And Escalating Concerns in Hong Kong Crypto Market

HashKey, one of only a few SFC-approved crypto exchanges, was quick to disassociate itself from these fraudulent entities. In an official statement, the exchange emphasized that it had no connection with the impersonation platforms, reinforcing the need for clients to verify links and remain cautious. The statement read:

To mislead clients, fraudulent websites will appear under different domain names or with slight modifications or variations of the official HashKey Exchange website address www.hashkey.com by adding a combination of letters, numbers or symbols. HashKey Exchange declares that it has no connection with the aforementioned fraudulent websites. The websites are not affiliated with HashKey Exchange or its affiliates whatsoever. As such, we will not accept liability for any matters relating to the websites.

Notably, over the past three years, the SFC has been actively monitoring the cryptocurrency market in Hong Kong, identifying at least 91 suspicious trading platforms to date.

This issue is part of a broader regulatory challenge faced by Hong Kong authorities as the local crypto market matures. The situation echoes the recent collapse of JPEX, a digital currency platform accused of operating without a license and defrauding around 2,000 investors of 1.3 billion Hong Kong dollars (approximately $166 million).

The weight of the scandal aftermath highlighted the importance of “rigorous oversight” and prompt action against unlicensed operators.

Hong Kong Issues New Operational Licenses

Meanwhile, Hong Kong continues to expand its regulated crypto ecosystem by introducing new operational licenses for digital asset platforms.

Earlier this week, the SFC announced the approval of two additional Hong Kong-based exchanges—PantherTrade and YAX—increasing the total number of licensed platforms by two since the regulator initiated its licensing program in 2024.

Publicly available records from the Hong Kong government confirm that these newly licensed platforms are registered under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), which serves as the regulatory framework for digital asset trading platforms in the region.

Since the introduction of this regulatory measure in 2020, 10 crypto exchanges have received formal registrations, allowing them to operate legally within Hong Kong.

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