Yigit Taha OZTURK 
Hong Kong’s Securities and Futures Commission (SFC) has identified 33 additional fraudulent websites impersonating HashKey, bringing the total number of fake platforms to 45.
HashKey, which became the second exchange to receive a crypto license from the SFC in November 2022, reported that the fraudulent websites made slight alterations to official links to mislead users. The company emphasized in a statement that it has no connection to these fraudulent websites.
SFC Continues to Track Crypto Scams
Since November 2021, Hong Kong SFC has been monitoring fraudulent crypto platforms, fake websites, and unlicensed exchanges. As of January 29, 2025, at least 91 suspicious trading platforms and links have been identified.
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One of the biggest fraud cases in Hong Kong, the JPEX scandal, involved a 1.3 billion Hong Kong dollar (approximately 166 million USD) fraud affecting 2,000 investors. Despite SFC publicly warning that JPEX was operating without a license, the platform falsely claimed otherwise. This incident has been compared to an “FTX moment” for Hong Kong.
Hong Kong Accelerates Crypto Regulations
Until the last quarter of 2024, HashKey and OSL were the only two officially licensed crypto exchanges under Hong Kong SFC. However, as of 2024, the regulator has ramped up its licensing approvals, adding YAX and PantherTrade to its list on January 27, bringing the total number of licensed exchanges to nine. These approvals mark the first batch of crypto licenses in 2025.
Hong Kong is positioning itself as a regional digital asset hub, competing with Singapore. While Singapore has granted at least 30 full licenses to crypto firms, Hong Kong has taken the lead in approving spot Bitcoin BTC and Ethereum ETH ETFs. Singapore Exchange CEO Loh Boon Chye recently stated that the Singaporean market is not yet ready for such financial instruments.
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