In the current context of actively building a global digital asset center in Hong Kong and the flourishing development of the Web3 ecosystem, there are also chaotic phenomena where criminals attempt to take advantage of the situation. On November 15, 2025, the Hong Kong Securities and Futures Commission (SFC) issued a stern warning to the market: a virtual asset trading platform named "HKTWeb3" has been included in the warning list of suspicious virtual asset trading platforms. This platform not only lacks an SFC license but is also accused of false advertising in collaboration with licensed institutions. This incident serves as a wake-up call, reminding investors to stay vigilant in the Web3 gold rush and to be wary of those "knockoff traps" that disguise themselves as legitimate but actually harbor significant risks.
- SFC Names HKTWeb3: Unlicensed Operation and False Advertising
The official website of the Hong Kong Securities and Futures Commission shows that "HKTWeb3" has been listed as a suspicious virtual asset trading platform. The SFC clearly states that this platform has not obtained a license from the Hong Kong Securities and Futures Commission, yet claims on its website to be collaborating with a licensed virtual asset trading platform.
Official Denial: The licensed platform that was impersonated has confirmed that it has no relationship with HKTWeb3.
Illegal Activities: According to Hong Kong law, operating securities trading without a license or promoting related services to Hong Kong investors is illegal.
Warning List: The SFC discovered HKTWeb3 through its social media monitoring platform and noted that the public in Hong Kong can access platform information and register accounts through its official website and social media accounts. The SFC has placed this platform on the warning list.
- Unveiling "Knockoff Traps": Six Major Warning Signs to Identify Suspicious Platforms
The SFC's warning provides investors with specific guidelines to identify suspicious virtual asset trading platforms. Here are six major warning signs that investors must be cautious of:
No SFC License: The platform is not registered with the Hong Kong Securities and Futures Commission (i.e., it has not obtained a license or is not on the license application list). This is the core distinguishing criterion.
False Claims of Partnership: The platform claims to collaborate with well-known institutions such as the licensed exchange HKVAX, but this has been officially denied. This "hanging a tiger skin to pull a rabbit" behavior is a typical fraudulent tactic.
No Verifiable Office Address: The platform has not disclosed its actual office location, attempting to hide its physical presence, which increases the difficulty of recourse.
Hidden Ownership: The platform does not disclose the names of its executives, does not list legal entities, and its domain privacy is protected, making the identity of its operators unclear and difficult to hold accountable.
New Domain and False Performance: The domain was registered in January 2025, which is too short a time to match its claimed performance records, presenting a clear contradiction.
Vague Compliance Terminology: The platform claims to be a "licensed trust company" and "subject to regular audits," yet provides no supporting evidence. At the same time, major analytical tools show no traffic, indicating minimal user activity, which contradicts its claims.
- The Huge Risks of Using Unlicensed Platforms: Threats to Investor Asset Security
The SFC warns sternly that trading on virtual asset trading platforms that are not licensed by the SFC poses significant risks, and investors must understand that these unregulated platforms are not under SFC supervision.
Total Loss Risk: If the platform ceases operations, goes bankrupt, is hacked, or its assets are misappropriated, investors may lose all investments held on that platform.
Difficulty in Recourse: Investors may find it difficult to seek recourse from virtual asset trading platforms that have no connection to Hong Kong and may also be unable to obtain compensation through legal means.
- Hong Kong's Regulatory Determination: Margaret Liu Reappointed as CEO, Continued Progress in Web3 Compliance
The SFC's warning regarding HKTWeb3 is part of Hong Kong's ongoing efforts to build a safe and compliant environment in the digital asset sector. The reappointment of Margaret Liu as CEO of the Hong Kong Securities and Futures Commission further strengthens Hong Kong's determination in Web3 regulation.
Regulatory Progress: On November 14, the Hong Kong Securities and Futures Commission officially announced that Margaret Liu has been reappointed as CEO for a two-year term, effective from January 1, 2026.
"Same Business, Same Risks, Same Rules": Since taking office on January 1, 2023, Margaret Liu has introduced a licensing system for virtual asset trading platforms and released a virtual asset roadmap, which is relatively friendly to the digital asset industry, while emphasizing the regulatory concept of "same business, same risks, same rules," bringing crypto over-the-counter trading and custodial institutions under regulatory oversight.
Bright Future Ahead: Margaret Liu has stated that the future of digital assets is vibrant and full of potential. Hong Kong will continue to seek a balance between innovation and risk prevention, providing a solid guarantee for the healthy development of Web3.
Conclusion:
The Hong Kong Securities and Futures Commission's inclusion of HKTWeb3 in the warning list of suspicious virtual asset trading platforms serves as a reminder to all investors that safety and compliance should always be the top priority in the Web3 gold rush. Any platform claiming high returns, with a suspicious background and false advertising, may be a carefully designed trap. Investors must verify platform qualifications through official channels, recognize the SFC licensed list, refuse to invest in unlicensed platforms, and work together to maintain a healthy order in the digital asset market.
Related Reading: Hong Kong Monetary Authority's Ensemble Project Trial, Supporting Tokenized Deposits and Digital Asset Trading
Original text: “HKTWeb3 Added to Warning List! Hong Kong SFC: Unlicensed Platform Impersonates Licensed Firm”
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