Hong Kong Bans SMS and Email Logins for Crypto Platforms: Will Other Regulators Follow?

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