HashKey contends that it has no connection with the suspicious URLs that were included in the SFC’s list.
The Securities and Futures Commission (SFC) of Hong Kong discovered a total of 45 impersonators, including 33 additional suspicious websites that are posing as HashKey, one of the city’s licensed cryptocurrency trading platforms.
In November 2022, HashKey, the second exchange to have received a crypto license from the SFC, disclosed the suspicious connections. The exchange stated that the fraudulent websites marginally modified official URLs associated with the exchange in order to mislead its clients.
“In a notice to its consumers, HashKey Exchange declares that it has no affiliation with the aforementioned fraudulent websites.”
Since November 2021, the SFC has been monitoring a variety of suspicious crypto platforms, including fraudulent websites, impersonators, and unlicensed exchanges. The regulator had discovered at least 91 suspicious trading platforms and relations as of January 29.
JPEX is the most notable entity that the SEC has flagged. Its downfall has been compared to a “FTX moment” for Hong Kong, as it was accused of a 1.3 billion Hong Kong dollar (approximately $166 million) fraud that affected 2,000 investors. The SFC publicly warned that JPEX was operating without a license, despite the platform’s claim to the contrary, which sparked the scandal.
The SEC had officially licensed only two crypto trading platforms, HashKey and OSL, until the final quarter of 2024. The SFC recently increased its number of permit approvals to nine by adding YAX and PantherTrade to the city’s formal roster on Jan. 27, marking the first wave of license approvals in 2025. The SFC began scaling up its permit approvals in 2024.
Hong Kong has declared its intention to become a regional digital asset center, competing with Singapore. The city-state has issued at least 30 complete licenses to cryptocurrency participants.
Although Singapore has a greater number of licenses than Hong Kong, Hong Kong was the first to attempt to establish exchange-traded funds (ETFs) for Bitcoin and Ether. CEO of the Singapore Exchange, Loh Boon Chye, has stated that the Lion City’s market is not yet prepared for such financial instruments.
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