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The Hong Kong SFC Blocks Websites of Fake Exchanges – Report

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The evolution of blockchain technology has created dozens of opportunities for the traditional finance system as well as for scammers.

A notice of SFC, dated March 4, cautioned the public against malicious websites that pretend to be Hashkey and OSL. It further claims several other websites also claim to be the exchanges that secured licenses. Two crypto platforms’ image and other available identification marks are being used to target users, these 2 platforms recently received the SFC license.

Hong Kong has significantly changed its financial regulations in the past few quarters. The region debuted the cryptocurrency sector in late 2022 when it approved three futures ETFs.

Recent Updates

As per a regional news article in Hong Kong, the SFC has identified and blocked the website, claiming it to be real. Over half a dozen websites have been blocked by the regulators. The Hong Kong police assisted in the closure of these websites

Licensing Updates 

The Hong Kong SFC has halted the application process for the cryptocurrency exchange; the last date to apply for the license was February 29, 2024. 

Earlier in February 2023, Hashkey Group, a Hong Kong headquarters digital asset manager, secured Hong Kong SFC’s approval for its subsidiary Hash Blockchain Limited to operate an off-platform virtual asset trading business.

Similarly, on August 03, 2023, OSL, a crypto-based company, revealed that it had secured the SFC’s approval of its application. 

HK started to work on the flexibility of rules in the digital assets sector following the ban of its neighbor China on all crypto activities. Before the ban, China was one of the most preferred locations for crypto miners. 

The Securities and Futures Commission of Hong Kong started accepting license applications from crypto exchanges on June 1, 2023. The regulatory commission has granted the license to two crypto exchanges till now.

Crypto Market Price Update

The market cap is pumping per second, and market observers claim it will soon surpass the figure of $2.50 Trillion. As of writing, the market cap was $2.44 Trillion, surging over 3.20% in the past 24 hours.

Bitcoin, the market leader, grew over 50% in the past 30 days. At the time, it was trading at $65,140. The run up to the 4th halving event is driving the bullishness in the crypto market.

Some other analysts claim that the approval of the Bitcoin spot ETF majorly supports the spike in the price. Before securing approval, the spot ETF faced several cancellations. 

BTC ETF has lured a vast number of new users to the crypto sector, and a massive inflow of funds can be seen in the Bitcoin ecosystem. 

There are also claims that the market will continue flourishing, as the Ether ETF might get approval in May 2024. Ethereum, the second most talked about crypto in the market, grew 52% in the past month.


The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

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