Hong Kong Crypto Security Tightens With OTP Ban
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