Key Takeaways
- Hong Kong’s SFC has warned the public against 33 suspicious websites and platforms masquerading as the HashKey exchange.
- The agency has identified over 91 suspicious platforms offering crypto-related services in the city-state.
- Crypto users and investors must remain vigilant to avoid becoming victims of scammers who try to capitalize on growing investor interest in digital assets.
Hong Kong’s Securities and Futures Commission (SFC) has warned against 33 more suspicious websites impersonating local cryptocurrency exchange HashKey. This brings the total of crypto scam platforms flagged by the agency to date to 45.
HashKey, a cryptocurrency exchange licensed by the SFC in November 2022, reported the suspicious links to the authorities. According to the platform, the crypto scam platforms made minor alterations to their official links to mislead their clients. In a notice to their clients, the exchange stated:
“HashKey Exchange declares that it has no connection with the aforementioned fraudulent websites.”
SFC Identified over 19 Crypto Scam Platforms
According to the report by SFC, the Hong Kong-based regulatory agency has tracked several suspicious crypto scam platforms, such as websites, impersonators, and unlicensed crypto exchanges. The SFC reports that as of January 19, 2025, they had identified over 91 suspicious platforms pretending to offer legitimate crypto services.
The biggest catch among the crypto scam platforms the SFC flagged was JPEX, whose collapse can only be comparable to the “FTC Moment” in Hong Kong. The platform has been accused of fraudulently siphoning up to $166 million from at least 2,000 cryptocurrency investors. The JPEX scandal erupted after SFC completed its investigations and warned the public that the entity was operating illegally as it was unlicensed.
Hong Kong has Introduced BTC and ETH ETFs
For a long time, HashKey and OSL were the only two crypto trading platforms licensed by the SFC in Hong Kong. However, beginning in the fourth quarter of 2024, the agency went on a licensing spree and roped in at least nine other platforms, including YAX and PantherTrade, which received their approvals on January 27, 2025.
Hong Kong has expressed its ambition to rival sister city-state Singapore as the leading cryptocurrency hub in the region. Singapore has a repertoire of over 30 fully licensed crypto market players. While Singapore may have higher numbers regarding licensed platforms, Hong Kong has introduced spot Bitcoin and Ether exchange-traded funds (ETFs).
Conclusion
The warning by Hong Kong’s SFC against the growing number of crypto scam platforms highlights the need for crypto users and investors to look for individuals looking for the uninformed to steal from them. With all the hype online and in the media surrounding the growing influence of cryptocurrencies, it’s no surprise that many scammers will be trying to cash in on investors interested in digital asset investment. Unfortunately, thousands of fake websites and unregistered platforms are scamming people out of their money, especially those who can’t read the red flags.
