How to Check If a Crypto Exchange Is Licensed in Hong Kong

How do you check if a crypto exchange is licensed in Hong Kong? Rely on the “List of licensed virtual asset trading platforms” published on the Hong Kong SFC’s website: only platforms on that list formally hold a virtual asset trading platform (VATP) license from the SFC. Once you find the name, use the CE reference number on the list to check the company’s full name in the SFC Public Register, and confirm that the entity you actually trade with is that licensed entity.

Which Trading Platform Lists Does the SFC Publish?

The SFC publishes several lists on its website, each with a different purpose. The “List of licensed virtual asset trading platforms” shows platforms that have been formally approved, including the operator’s English and Chinese names, the platform name, the CE reference and the licence date. The “List of virtual asset trading platform applicants” shows platforms that have applied but have not yet been approved, and the SFC stresses that these platforms are not licensed. There is also a list of applicants whose applications have been returned, refused or withdrawn, and a list of platforms required by law to close down within a set period. Separately, the SFC maintains an alert list of suspicious virtual asset trading platforms that solicit Hong Kong investors without a license or impersonate licensed firms. These lists are updated as approvals progress, so every check should rely on the version on the SFC website at that time.

What Pitfalls Should You Watch for When Checking?

The first is mistaking “applied” for “licensed.” A platform on the applicant list may never receive a license and may even be required to wind down its Hong Kong business. The second is impersonation through names and websites: some platforms use brands, domains or apps that look like those of licensed platforms, so work from the details in the SFC Public Register to find the official website, not the other way round. The third is a mismatch between group entities: a brand may have only its Hong Kong subsidiary licensed while you open an account and sign with an overseas entity, which changes the protection you have. For businesses, this check should also happen before an exchange’s address is added to a whitelist, with records kept and reviewed regularly in the same way as when checking whether a VASP is licensed.

What’s the Difference Between Licensed and Unlicensed Exchanges?

Licensed platforms operate under ongoing SFC supervision: client assets are held on trust by a wholly owned subsidiary, with at least 98% kept in cold storage and insurance or compensation arrangements in place; tokens must go through due diligence before listing, and retail clients must pass suitability assessments; on AML, platforms must carry out customer due diligence, KYT monitoring and the Travel Rule. Unlicensed platforms face none of these constraints, and if one is hacked, misuses funds or suddenly shuts down, investors have little regulatory protection in Hong Kong. For businesses, dealing with unlicensed platforms can also affect their own compliance assessments and banking relationships. A license is not a guarantee either: the SFC states that it does not guarantee the performance or creditworthiness of licensed platforms, so large balances should still not sit on an exchange for long.

Conclusion

To check whether a crypto exchange is licensed in Hong Kong, rely on the SFC’s list of licensed platforms, verify the entity in the Public Register using its CE reference, and watch for the difference between applicants, impersonators and overseas entities. Licensed platforms are under ongoing supervision for asset safekeeping and AML, but large balances should still not stay on an exchange for long.