- The Hong Kong Securities and Futures Commission has identified 33 additional fraudulent websites impersonating the licensed cryptocurrency exchange HashKey
- This discovery brings the total number of fake platforms mimicking HashKey to 45
- HashKey has clarified that it has no affiliation with these fraudulent sites and has alerted its clients accordingly
The Hong Kong Securities and Futures Commission (SFC) has uncovered 33 more websites fraudulently presenting themselves as HashKey, a licensed crypto trading platform in the SAR. This increases the total count of such deceptive sites to 45. HashKey has promptly informed its clients of the fraudulent endeavors, emphasizing that it is not connected to these malicious websites.
SFC’s Ongoing Efforts Against Crypto Scams
Since November 2021, the SFC has been actively monitoring and identifying suspicious cryptocurrency platforms, including unlicensed exchanges and impersonators. As of January 29, the regulator has flagged at least 91 such platforms and links.
HashKey, which obtained its crypto license from the SFC in November 2022, has become a target for fraudsters, given the legitimacy conferred upon it by the license. The company reported the malicious sites to the SFC, pointing out that these fraudulent websites had slightly altered official links associated with HashKey to mislead clients.
In a notice to its clients, HashKey stated that it “has no connection with the aforementioned fraudulent websites,” which are an unfortunate byproduct of the company attaining an official license.
Hong Kong Still Keen to Grow Sector
Until the final quarter of 2024, HashKey and OSL were the only two crypto trading platforms officially licensed by the SFC. In a move to strengthen its position as a regional digital assets hub, the SFC began increasing its permit approvals in 2024. Most recently, on January 27, the regulator added YAX and PantherTrade to the city’s formal roster, bringing the total number of licensed platforms to nine.
Despite the unfortunate side effect of fraudulent copycats, Hong Kong has expressed its ambition to establish itself as a regional digital assets hub and award more licenses, rivaling Singapore, which has granted at least 30 full licenses to cryptocurrency players. While Singapore has the edge over Hong Kong in the number of licenses, Hong Kong took the first step in launching spot Bitcoin and Ether exchange-traded funds (ETFs).