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The Hong Kong Securities and Futures Commission (SFC) issued a public advisory today, cautioning investors to be wary of dubious websites that are impersonating legitimate virtual asset trading platforms. Two particular platforms were highlighted: HSKEX, which is posing as Hash Blockchain Limited, operating the following URLs – www.hskexpro.com, www.hskex.com, www.hskexs.com, and www.hskexit.com. Additionally, www.oslexu.com and www.oslint.com were found to be impersonating OSL Digital Securities Limited.
The SFC stated that these websites replicate the branding and design of the licensed platforms, which could mislead investors into thinking they are dealing with authentic entities.
This warning follows reports from victims who encountered challenges when attempting to withdraw funds from these fraudulent websites and were pressured to pay exorbitant “fees and taxes” to access their assets.
HashKey and OSL are the only two licensed cryptocurrency exchanges currently operating in Hong Kong.
SFC Aims to Block Fraudulent Websites Imitating Regulated Exchanges
The SFC has initiated measures to address these deceptive practices. In response to the reports received, the commission included both sets of impersonating websites on their Suspicious Virtual Asset Trading Platforms Alert List on March 4th, 2024.
Moreover, they have sought and successfully worked with the Hong Kong Police Force to restrict access to the websites impersonating Hash Blockchain Limited.
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The SFC underscored the necessity for investor awareness and due diligence prior to engaging in any virtual asset transactions.
The commission advises investors to confirm the authenticity of a platform through official resources, such as the SFC’s Public Register of Licensed Persons and Registered Institutions, as well as the List of licensed virtual asset trading platforms.
Furthermore, they recommend that investors refrain from transferring funds or participating in transactions until they have thoroughly verified the identity of the counterparty.
Hong Kong Receives Over 22 Applications for Crypto Exchange Licenses
The Hong Kong SFC has received more than 22 applications for licenses to operate a cryptocurrency exchange in the area. OKX, Bybit, Bullish, Crypto.com, Huobi HK, Matrixport HK, and Gate.HK are among the applicants seeking SFC’s authorization to run a crypto exchange.
The deadline for submitting license applications closed on February 29. According to the SFC website, crypto platforms operating in Hong Kong that did not submit license applications will be required to halt operations by the end of the month.
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