In a new development, the Hong Kong Security and Futures Commission (SFC) has blocked scores of websites for allegedly impersonating major crypto trading platforms. As revealed, this development comes amid intense scrutiny to clamp down on fraudulent crypto activities in Hong Kong.
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According to SFC, the exchanges impersonated by the websites were OSL Digital Securities and Hash Blockchain Limited. In a similar move, the Hong Kong regulator also blocked websites like hskexpro.com, hskex.com, hskexs.com, hskexit.com, oslexu.com and oslint.com. The regulator took the decision following reports that users faced numerous issues while attempting to withdraw from the sites.
To complement the efforts of the SFC, the Hong Kong Police has also taken relevant steps to block access to such website. In addition, SFC also listed those sites on its official crypto alert list alongside other website impersonating MEXC, a renowned crypto exchange.
Meanwhile, a security expert at Hash Blockchain Limited, Bartosz Barwikowski has also advised that transactions should be carried out through a reliable third party. This, according to him, is due to the risk associated with depending on search engines or social media channels. He noted that it is usually difficult especially for first time users to differentiate a fake website from an original one.
SFC taking bold steps to regulate crypto trading services in Hong Kong
In recent years, authorities in Hong Kong has been taking necessary measures to regulate crypto trading activities in the region. Last year, the SFC took a bold step against unregistered virtual asset trading platforms (VATPs). According to SFC, these platforms carried out their activities without complying with existing guidelines. Similarly, the regulator accused these trading platforms of initiating products and services that are against the regulatory standards of the region.
However, despite the regulatory clampdown on unregistered crypto trading platforms, Hong Kong is still considered one of the most crypto-friendly regions around. According to findings, the region will host the 2024 Bitcoin conference. Don’t forget that the conference serves as an avenue for all Bitcoin enthusiasts around the world to come together to share insights on Bitcoin.
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