Hong Kong SFC orders crypto platforms, online brokers to phase out OTP logins
The Block2h agoUpdated 1h ago
Smart Read
Hong Kong's SFC mandates crypto platforms and online brokers replace one-time password logins with passkeys within 12 months, responding to a 57% surge in spoofing attacks. This strengthens security standards across the region, impacting Indian crypto traders using Hong Kong-regulated exchanges. Enhanced authentication protects against credential theft and phishing threats increasingly targeting digital asset platforms.
Key takeaways
- 1Hong Kong SFC mandates crypto platforms and online brokers replace OTP logins with passkeys within 12 months.
- 2Spoofing attacks on crypto platforms surged 57%, prompting stronger authentication security standards.
- 3Passkey authentication protects against credential theft and phishing threats targeting digital asset users.
Why it matters
Hong Kong-regulated crypto exchanges used by Indian traders must upgrade security infrastructure, reducing fraud risks. Strengthened authentication standards across the region improve overall ecosystem security for retail investors.
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