Hong Kong’s SFC flagged 33 more suspicious websites claiming to be linked to HashKey, a licensed crypto platform.
HashKey obtained a crypto license from the SFC in November 2022. The platform quickly identified these fraudulent sites and made it clear that it had no connection with them. Let’s discover more about this crypto scam.
The scam websites slightly altered official links to deceive users, potentially leading them into dangerous waters. In a notice to clients, HashKey clarified, “HashKey Exchange declares that it has no connection with the aforementioned fraudulent websites,” distancing itself from these malicious actors. This move follows the SFC’s ongoing efforts to combat suspicious crypto platforms since 2021, ranging from unlicensed exchanges to impersonators.
As of January 29, 2025, the SFC has flagged at least 91 suspicious platforms and links, with the infamous JPEX scandal making headlines. JPEX was accused of a $166 million fraud, leading to a significant loss for 2,000 investors and sparking comparisons to FTX’s downfall in the U.S.
Hong Kong, aiming to become a global digital asset hub, has been ramping up its regulatory actions. Until late 2024, HashKey and OSL were the only two platforms officially licensed by the SFC. However, in 2025, the SFC expanded its licensing efforts, adding YAX and PantherTrade to the city’s roster on January 27.
This marks a step toward Hong Kong’s goal of challenging Singapore’s dominance in crypto licensing. While Singapore boasts 30 full licenses, Hong Kong is carving out space with innovations like the first-ever spot of Bitcoin and Ether ETFs. Even though the Singapore Exchange CEO recently stated that his market wasn’t yet ready for such products.
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