Hong Kong’s Securities and Futures Commission (SFC) cautions the public about fraudulent websites impersonating two licensed crypto exchanges in the city-state, as per a notice dated March 4.

These websites mimic the branding and appearance of Hash Blockchain Limited and OSL Digital Securities Limited, aiming to deceive users. Investors have fallen victim to this scheme, reporting their experiences to the regulator. Complaints include difficulties withdrawing funds and being charged excessive fees to access their assets.

In response, the SFC advises investors to thoroughly research any crypto exchange before engaging, noting that Hong Kong police have taken action to block the fraudulent sites. Additionally, the SFC warns of the possibility of other deceptive platforms posing as licensed entities, urging investors to verify the registration status of institutions they deal with.

The SFC emphasizes the prevalence of online investment scams involving various assets, distributed through social media and messaging apps, and advises investors to remain vigilant.

This incident is not the first time Hong Kong authorities have alerted the public about impersonation of crypto platforms. In February, the regulator issued a similar warning regarding a fraudulent entity posing as the crypto exchange MEXC Global, enticing victims into a crypto investment scam.

Hong Kong’s crypto licensing landscape has attracted exchanges seeking regulatory clarity and access to the Asian market. During a recent drive for crypto exchange licenses, the SFC received applications from prominent exchanges like Crypto.com, OKX, HTX, and ByBit, aiming to operate legally within the region.