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    Home»Crypto News»Hong Kong SFC Continues Crypto Oversight, Reveals Dozens of New Pretend Platforms
    Hong Kong SFC Continues Crypto Oversight, Reveals Dozens of New Pretend Platforms
    Crypto News

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

    By Crypto EditorJanuary 30, 2025No Comments3 Mins Read
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    In a serious improvement regarding crypto asset safety, Hong Kong’s Securities and Futures Fee (SFC) has flagged 33 new suspicious web sites falsely claiming to be affiliated with HashKey, a licensed cryptocurrency buying and selling platform within the area.

    This announcement will increase the variety of reported HashKey impersonators to 45. Based on the SFC, these fraudulent platforms used minor alterations in official hyperlinks related to HashKey in an try and deceive potential buyers.

    HashKey Response And Escalating Issues in Hong Kong Crypto Market

    HashKey, considered one of just a few SFC-approved crypto exchanges, was fast to disassociate itself from these fraudulent entities. In an official assertion, the alternate emphasised that it had no reference to the impersonation platforms, reinforcing the necessity for purchasers to confirm hyperlinks and stay cautious. The assertion learn:

    To mislead purchasers, fraudulent web sites will seem beneath totally different domains or with slight modifications or variations of the official HashKey Alternate web site handle www.hashkey.com by including a mixture of letters, numbers or symbols. HashKey Alternate declares that it has no reference to the aforementioned fraudulent web sites. The web sites are usually not affiliated with HashKey Alternate or its associates in any way. As such, we won’t settle for legal responsibility for any issues referring to the web sites.

    Notably, over the previous three years, the SFC has been actively monitoring the cryptocurrency market in Hong Kong, figuring out a minimum of 91 suspicious buying and selling platforms to this point.

    This concern is a part of a broader regulatory problem confronted by Hong Kong authorities because the native crypto market matures. The scenario echoes the current collapse of JPEX, a digital foreign money platform accused of working with out a license and defrauding round 2,000 buyers of 1.3 billion Hong Kong {dollars} (roughly $166 million).

    The burden of the scandal aftermath highlighted the significance of “rigorous oversight” and immediate motion in opposition to unlicensed operators.

    Hong Kong Points New Operational Licenses

    In the meantime, Hong Kong continues to broaden its regulated crypto ecosystem by introducing new operational licenses for digital asset platforms.

    Earlier this week, the SFC introduced the approval of two extra Hong Kong-based exchanges—PantherTrade and YAX—growing the full variety of licensed platforms by two because the regulator initiated its licensing program in 2024.

    Publicly out there data from the Hong Kong authorities verify that these newly licensed platforms are registered beneath the Anti-Cash Laundering and Counter-Terrorist Financing Ordinance (AMLO), which serves because the regulatory framework for digital asset buying and selling platforms within the area.

    Because the introduction of this regulatory measure in 2020, 10 crypto exchanges have acquired formal registrations, permitting them to function legally inside Hong Kong.

    Hong Kong SFC Continues Crypto Oversight, Reveals Dozens of New Pretend Platforms
    The worldwide digital foreign money market cap worth on the 1-day chart. Supply: Crypto TOTAL Market Cap on TradingView.com

    Featured picture created with DALL-E, Chart from TradingView



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