Watch Out: Hong Kong SFC Battles Impersonator Websites Targeting Crypto Investors

The Hong Kong Securities and Futures Commission (SFC) has issued a warning alerting investors to the presence of suspicious websites impersonating legitimate virtual asset trading platforms. Specifically, two platforms, HSKEX and OSL Digital Securities Limited, were identified as being impersonated by fraudulent websites with URLs such as www.hskexit.com. www.oslexu.com and www.oslint.com These fake websites closely mimic the branding and appearance of the licensed platforms, potentially deceiving investors into believing they are interacting with legitimate entities. Reports have surfaced of victims encountering difficulties withdrawing funds from these impersonating websites and being pressured to pay excessive fees and taxes to unlock their assets. The SFC has taken action by adding these impersonating websites to their Suspicious Virtual Asset Trading Platforms Alert List and collaborating with the Hong Kong Police Force to block access to the fraudulent sites. They emphasise the importance of investor vigilance, urging individuals to verify the legitimacy of platforms through official channels such as the SFC's Public Register of Licensed Persons and Registered Institutions. Additionally, the SFC has received over 22 applications for crypto exchange licences in Hong Kong, with platforms like OKX, Bybit, Crypto.com, and Huobi HK among the applicants. The deadline for licence applications has passed, and platforms operating in Hong Kong that failed to submit applications are required to cease business by the end of the month, as per SFC regulations.