The recent expansion of the JPEX case has prompted the Hong Kong Securities and Futures Commission (SFC) to enhance transparency and public awareness around virtual asset trading platforms (VATPs). On September 29, the SFC published several key lists on its official website to clarify the regulatory status of various crypto platforms operating in or targeting Hong Kong. These include:
- Licensed Virtual Asset Trading Platforms
- Applicants for VATP Licenses
- Ceased VATP Operators
- Deemed Licensed Platforms (as of June 1, 2024)
- Suspicious or Unregulated Platforms
This move aims to protect investors from fraudulent platforms and curb misleading claims about licensing status. Below is a detailed breakdown of each list, with insights into compliance, risks, and market implications.
✅ Licensed Virtual Asset Trading Platforms
Currently, only two platforms are officially licensed by the SFC to operate in Hong Kong:
- OSL Digital Securities Limited (platform: OSL Exchange)
- Hash Blockchain Limited (platform: HashKey Exchange)
Both hold licenses under the Securities and Futures Ordinance (SFO), which governs security tokens. However, neither yet holds a license under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO), which regulates non-security tokens like Bitcoin and Ethereum.
Despite this, both platforms offer retail trading services for major cryptocurrencies:
- OSL Exchange received approval in August 2025 to provide BTC and ETH trading to retail investors, marking a significant milestone.
- HashKey Exchange offers BTC/HKD and ETH/HKD pairs to retail users but restricts other altcoins (e.g., Avalanche) to professional investors only.
👉 Discover how compliant platforms are shaping the future of crypto in Asia.
This dual-licensing framework reflects Hong Kong’s cautious but progressive approach—balancing innovation with investor protection.
📋 Virtual Asset Platform Applicants: Who’s in the Pipeline?
The SFC has disclosed four entities currently in the application process:
- Hong Kong BGE Limited (BGX)
- Hong Kong Digital Asset EX Limited (HKbitEX)
- Hong Kong Virtual Asset Exchange Limited (HKVAX)
- Victory Fintech Company Limited (VDX)
It's critical to note: being on the applicant list does not imply regulatory approval. The SFC emphasizes that these entities are not yet licensed and may not meet compliance standards. The list exists primarily to help the public verify whether a platform is truthfully representing its licensing status.
1. HKBGE (BGX)
A wholly-owned subsidiary of HKE Holdings (01726.HK), HKBGE appointed former HashKey COO Ouyang Jiannan as CEO after its previous CEO—Thor Chan, co-founder of the defunct AAX exchange—stepped down in late 2024. The platform currently serves only invited professional investors.
2. HKbitEX
Backed by Tai Chi Capital Group, HKbitEX positions itself as one of the first VATP applicants. Founder Gao Han, a former Hong Kong Exchange (HKEX) executive involved in Stock Connect and Bond Connect, has assembled a team with strong financial market experience.
In September 2025, Tai Chi launched PRINCE, Hong Kong’s first real estate fund STO (Security Token Offering), targeting HK$100 million from professional investors. If approved, PRINCE tokens could be listed on HKbitEX.
3. HKVAX
Claimed in August 2025 to have received in-principle approval for Type 1 and Type 7 licenses, HKVAX has not had this confirmed by the SFC. Its website shows no such notice, raising questions about the accuracy of its claims. The platform intends to launch OTC services and possibly STOs, pending final regulations.
CEO Wu Weiliang previously served as Managing Director at CITIC Futures International and is now Vice Chair of the Financial & Treasury Services Committee at the Hong Kong General Chamber of Commerce.
4. VDX
Operated by Victory Securities (08145.HK), VDX launched its mobile app on Apple and Android stores in September 2025. Its services are currently limited to professional investors, with plans to open retail access in Q4 2025—contingent on SFC guidance.
Notably, VDX does not operate its own exchange but connects clients to licensed platforms like OSL, where BTC and ETH are available. Assets are custodied through OSL and insured, reducing counterparty risk.
❌ Suspicious Platforms: Red Flags Identified
The SFC has flagged six platforms for deceptive practices:
- JPEX: Falsely claimed overseas licenses, offered unrealistic returns, and restricted withdrawals.
- FUBT Exchange: Impersonates the collapsed Fubit exchange; uses fake contact details.
- Futu: Mimics licensed broker Futu Securities using identical branding.
- EFSPD: Fraudulently claims HKEX endorsement and HKMA oversight.
- OSL Trading: Imitates OSL with a suspicious domain (
hifly59702.top). - arrano: Poses as an NFT/crypto one-stop platform with misleading promises.
Investors are strongly advised to avoid all unlicensed platforms—even those merely applying for licenses—as legal recourse may be limited in case of loss.
👉 Stay protected—learn how to identify legitimate crypto platforms before investing.
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- Virtual asset trading platform
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- Suspicious crypto platforms
- VATP applicant list
- Retail crypto trading
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These terms reflect high-intent queries from users seeking clarity on regulatory compliance and platform safety in Hong Kong’s evolving crypto landscape.
❓ Frequently Asked Questions
Q: Are all crypto exchanges in Hong Kong regulated?
No. Only two platforms—OSL Exchange and HashKey Exchange—are currently licensed by the SFC. All others, including applicants and foreign platforms serving Hong Kong users without approval, operate without formal authorization.
Q: Can I trade Bitcoin and Ethereum legally in Hong Kong?
Yes—but only through SFC-licensed platforms like OSL and HashKey. These platforms are authorized to offer BTC and ETH trading to retail investors under strict custody and disclosure rules.
Q: Is it safe to use a platform on the applicant list?
Not necessarily. Being on the applicant list means a company has submitted paperwork—not that it meets regulatory standards. Until fully licensed, such platforms pose higher risks.
Q: What should I do if I’ve invested in JPEX or another suspicious platform?
Immediately stop further transactions and report the incident to the Hong Kong Police’s Commercial Crime Bureau or the SFC. Legal recovery options may be limited, especially if funds were transferred offshore.
Q: Will more platforms get licensed soon?
The SFC expects more approvals in 2025 as applications progress through rigorous reviews. However, strict AML, custody, and governance requirements mean only well-capitalized, compliant firms will succeed.
Q: How can I verify a platform’s license status?
Visit the official SFC website and check their published lists. Do not rely on third-party claims or websites using similar names to licensed entities.
🛡️ Final Thoughts: Navigating Risk in Hong Kong’s Crypto Market
Hong Kong’s regulatory framework for virtual assets is maturing rapidly. With clear licensing pathways, investor education campaigns, and active enforcement against fraudsters like JPEX, the city aims to become a trusted hub for institutional-grade digital finance.
However, risks remain high for uninformed investors. Misleading branding, false licensing claims, and offshore operations continue to threaten retail participation.
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By relying on transparent sources and verifying platform status directly with the SFC, investors can better protect themselves while participating in this transformative financial frontier.