Hong Kong Securities and Futures Commission joins hands with regulators from multiple countries to crack down on illegal crypto influencers, but Taiwan has yet to respond

In today's rapidly developing social media landscape, "Finfluencers" have become a popular channel for investors to obtain information. However, risks are emerging as some influencers promote financial products without authorization. The Hong Kong Securities and Futures Commission (SFC) has recently actively participated in international cooperation actions, launching a series of regulatory, law enforcement, and educational efforts to comprehensively protect investor safety.

International Collaboration to Combat Unlicensed Financial Influencers

The SFC closely collaborated with members of the International Organization of Securities Commissions (IOSCO), participating in the "Global Week of Action Against Unlawful Finfluencers" in early June 2025. This international action aims to counter cross-border influencers' illegal promotion of financial products.

The action covers educational promotion, regulatory monitoring, and law enforcement, involving countries such as the UK, Australia, Canada, Italy, and the UAE, demonstrating that combating illegal financial information has become a global financial regulatory concern.

Leung Fung-yee: Cross-Border Cooperation Enhances Regulatory Effectiveness

SFC CEO and IOSCO Asia-Pacific Committee Chair Leung Fung-yee stated that financial influencer illegal activities often operate across borders, making local regulation alone insufficient. She emphasized: "The SFC fully supports a multi-pronged international strategy to enhance regulatory effectiveness through monitoring, law enforcement, and education."

Ms. Leung also urged investors to be more vigilant, highlighting the importance of "personal responsibility". She reminded the public to verify whether a financial influencer is licensed, whether the information is reliable, and to avoid blindly following the luxurious image promoted by influencers before making any investment decisions.

Strengthening Regulation: SFC Launches Thematic Inspection in April

At the local level, the SFC proactively launched a thematic inspection in April 2025, focusing on brokers' collaborations with financial influencers in promoting financial products. The investigation will examine whether brokers conduct appropriate due diligence on collaborating influencers and monitor their activities for unlicensed operations.

In the future, the SFC will issue guidelines to licensed corporations, clearly defining standards for using influencers or digital platforms in financial promotions to ensure legal and compliant marketing.

Requesting Overseas Exchanges to Cease Collaboration with Influencers

In terms of law enforcement, the SFC has taken concrete actions, including temporarily suspending the license of a financial influencer convicted of illegally providing investment advice and initiating criminal prosecution against another individual suspected of operating without a license.

Additionally, the SFC has communicated with overseas virtual asset platforms to terminate collaborations with influencers and stop promotional activities targeting Hong Kong audiences. The SFC has also collaborated with social media platforms to delete accounts and posts impersonating celebrities and promoting unauthorized products, successfully dismantling multiple illegal promotional activities.

Enhancing Investor Awareness: Comprehensive Educational Campaign

To further strengthen anti-fraud awareness, the SFC continues to conduct investor education through multiple channels. Its "Unlicensed Companies and Suspicious Websites List" and IOSCO's latest "International Securities and Commodities Alert List" (I-SCAN) provide timely and reliable verification tools for the public.

Moreover, the SFC's anti-fraud brand "Don't Be a Fish" uses original Instagram short videos, community outreach activities, television advertisements, and special programs to broadly remind investors about influencer scams and investment traps.

In the coming months, the SFC will launch more targeted promotional campaigns to enhance citizens' investment fraud prevention awareness and establish a safer information environment for the market.