#crypto trading platforms

The post Hong Kong Crypto Security Tightens With OTP Ban appeared on BitcoinEthereumNews.com. Hong Kong’s push to strengthen crypto security just took a concrete and consequential step. The city’s Securities and Futures Commission has issued a circular banning one-time password logins across all crypto trading platforms and internet brokers — a direct response to a phishing epidemic that is quietly draining user accounts and overwhelming the region’s cybersecurity infrastructure. Key takeaways Hong Kong’s SFC has banned SMS, email, and app-based OTP logins for crypto platforms and internet brokers, requiring passkeys or other phishing-resistant methods instead. Operators have a 12-month deadline to comply; large brokers must act immediately. Hong Kong recorded 15,877 cybersecurity incidents in 2025 — a 27% jump from the prior year — with phishing accounting for 57% of cases. Senior management at licensed platforms now face direct personal liability for client losses tied to weak authen

The post Hong Kong Bans SMS and Email Logins for Crypto Platforms: Will Other Regulators Follow? appeared on BitcoinEthereumNews.com. Hong Kong’s securities regulator has banned one-time password logins for crypto trading platforms. The rule targets phishing scams behind a surge in the region’s cybersecurity incidents. The Securities and Futures Commission issued a circular. It orders internet brokers and crypto trading platforms to drop SMS, email, and app-based OTPs. Platforms must switch client logins and device binding to passkeys and other phishing-resistant methods. Operators have 12 months to comply, though large brokers must switch immediately. The SFC flagged OTP risks back in February 2025 guidance. This circular now makes that shift mandatory. Phishing Fuels a Record Year for Cyber Incidents Hong Kong logged 15,877 cybersecurity incidents in 2025. The SFC says that marks a 27% jump from the prior year. Phishing accounted for 57% of those cases. Botnet attacks followed at 18%