The Hong Kong Securities and Futures Commission (SFC) issued a public warning today regarding the emergence of suspicious websites impersonating legitimate virtual asset trading platforms.
These fraudulent platforms have been identified as HSKEX, impersonating Hash Blockchain Limited, www.oslexu.com, and www.oslint.com, impersonating OSL Digital Securities Limited.
Fraudulent websites mimicking legitimate platforms
According to the SFC, these fraudulent websites closely mimic the branding and appearance of licensed platforms, potentially deceiving investors into believing they are engaging with legitimate entities.
Reports have surfaced indicating that victims have encountered difficulties withdrawing funds from these impersonating websites and have been coerced into paying excessive “fees and taxes” to unlock their assets.
Action taken by the SFC
In response to these fraudulent activities, the SFC has taken decisive action. The commission has added both sets of impersonating websites to their Suspicious Virtual Asset Trading Platforms Alert List as of March 4th, 2024. Furthermore, the SFC has collaborated with the Hong Kong Police Force to block access to the websites impersonating Hash Blockchain Limited.
The SFC emphasizes the importance of investor vigilance and due diligence before engaging in virtual asset transactions. Investors are urged to verify the legitimacy of a platform through official channels, such as the SFC’s Public Register of Licensed Persons and Registered Institutions and the List of licensed virtual asset trading platforms.
Additionally, investors should refrain from sending money or participating in transactions before verifying the counterparty’s identity.
Application for crypto exchange licenses
In related news, the Hong Kong SFC has received over 22 license applications to operate crypto exchanges in the region. Among the applicants are prominent platforms such as OKX, Bybit, Bullish, Crypto.com, Huobi HK, Matrixport HK, and Gate.HK.
The deadline for submitting license applications ended on February 29th. According to the SFC website, crypto platforms operating in Hong Kong that failed to submit license applications must cease business by the end of the month.
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