Analysis
13 Crypto Exchanges Hold an SFC Licence in Hong Kong. Who They Are
Every licensed platform and when it was licensed, what “deemed to be licensed” means, and the platforms the SFC flags as suspicious.
The short version: 13 virtual asset trading platforms are licensed by the SFC (read 21 Oct 2026; the SFC last updated its lists on 16 Oct 2026). The first, OSL, dates from 15 Dec 2020; the latest was licensed on 18 May 2026. 6 of the 13 were licensed in 2025 or 2026. Another 5 platforms are applicants, and 2 of those are only “deemed to be licensed” (SFC).
The Licensed Platforms
| Platform / company | SFC CE number | Licensed |
|---|---|---|
| OSL ExchangeOSL Digital Securities Limited | BPJ213 | 15 Dec 2020 |
| HashKey ExchangeHash Blockchain Limited | BPL992 | 9 Nov 2022 |
| HKVAXHong Kong Virtual Asset Exchange Limited | BPW549 | 3 Oct 2024 |
| HKbitEXHong Kong Digital Asset EX Limited | BPO721 | 18 Dec 2024 |
| AccumulusAccumulus GBA Technology (Hongkong) Co., Limited | BUA970 | 18 Dec 2024 |
| DFX LabsDFX Labs Company Limited | BUN619 | 18 Dec 2024 |
| EX.IOEXIO Limited | BUT670 | 18 Dec 2024 |
| PantherTradePanthertrade (Hong Kong) Limited | BUY578 | 27 Jan 2025 |
| YAXYAX (Hong Kong) Limited | BUT913 | 27 Jan 2025 |
| BullishBullish HK Markets Limited | BUQ956 | 18 Feb 2025 |
| BGEHong Kong BGE Limited | BSI739 | 17 Jun 2025 |
| VDXVictory Fintech Company Limited | BTF116 | 13 Feb 2026 |
| Bixin.comNewBX Limited | BUY737 | 18 May 2026 |
Licensed, Deemed Licensed, Applicant
Since 1 Jun 2023, centralised platforms that operate in Hong Kong or actively market to Hong Kong investors need an SFC licence under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (SFC circular, 31 May 2023). Platforms already operating could continue after the non-contravention period ended on 1 Jun 2024 only as “deemed-to-be-licensed” applicants. The SFC's own words: “deemed-to-be-licensed VATP applicants are NOT formally licensed by the SFC”, and “It is a criminal offence to operate a VATP in Hong Kong in breach of the AMLO” (SFC statement).
Two platforms are in that position today: Crypto.com (Foris DAX HK Limited) and WhaleFin, which the SFC marks as having ceased operating a trading platform. The other applicants, Bybit, bitV and Nebulas, are not licensed.
Suspicious Platforms
The SFC's alert list has a separate category for suspicious virtual asset trading platforms: 67 entries (read 21 Oct 2026), 12 of them added in 2026. Two are names many readers will know: MEXC and JPEX. The full category is on the alerts page.
Who Is on No List
Binance, Coinbase, Kraken and KuCoin are not on any of the SFC's four lists or the HKMA register, and no alert-list entry contains their names. We re-check this on every build.
Sources
- SFC lists of VATPs www.sfc.hk
- SFC alert list www.sfc.hk
- SFC statement, May 2024 www.sfc.hk