Hong Kong’s SFC warns against impersonators of OSL Digital, HSKEX

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The Securities and Futures Fee (SFC) in Hong Kong has warned the general public about fraudulent web sites impersonating the native licensed crypto exchanges.

In a public warning on Mar. 4, the SFC cautioned the general public about suspicious web sites impersonating two licensed crypto buying and selling platforms: HSKEX, which falsely represents Hash Blockchain Restricted, and one other one, mimicking OSL Digital Securities Restricted.

The fraudulent web sites have been flagged on the SFC’s Suspicious Digital Asset Buying and selling Platforms Alert Record after studies surfaced concerning difficulties in withdrawing funds from the illegitimate platforms. Victims additionally reported encountering excessive charges and taxes when trying to entry their funds.

In response to the SFC’s notification, the Hong Kong Police Power has taken measures to dam entry to the recognized fraudulent web sites. Buyers are urged to train warning and completely confirm the legitimacy of any digital asset buying and selling platform earlier than participating in transactions.

The most recent warning comes amid a surge in digital asset-related crimes in Hong Kong, which have practically tripled since 2021. Nevertheless, particular statistics concerning arrests and prosecutions range based mostly on particular person instances. For example, within the JPEX case, authorities have arrested 70 people, with no fees filed as of but, crypto.information earlier reported.

Up to now, the SFC has solely granted licenses to 2 exchanges in Hong Kong: OSL and HashKey Trade, awarded in December 2020 and November 2022, respectively. Moreover, 22 buying and selling platforms have filed functions looking for licenses from the native regulator to function within the area.

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