Why verify
Hong Kong's crypto OTC market is a mix of legitimate operators and outright scams. The most common tactic is to pose as a "money changer" — renting a room with no proper safeguards.
1. Companies Registry check
Use www.cr.gov.hk with the Chinese + English company name to verify:
- The company exists and isn't dissolved.
- The registered address matches the claimed store.
- Directors / shareholders match the staff.
2. Physical store
- Visit in person — signage, staff, counter, cameras.
- A separate room for larger trades.
- A clear price board (not whispered verbal quotes).
3. AML / KYC programme
- ID required, source-of-funds declaration signed.
- Larger trades trigger bank statements or proof of wealth.
- Receipts include TXID, chain, time.
A shop with no KYC is a major red flag.
4. Staff and partners
- Ask about AMLO training and compliance officer.
- Logos to look for: SlowMist, OKLink, Chainalysis (industry-standard on-chain analytics).
- KYT (Know Your Transaction) tools used to screen counterparties.
5. Contracts / receipts
- A receipt with TXID, chain and time after every trade.
- Refund, dispute and complaint flow visibly published.
- Promises of "guaranteed returns" or "30% APY" → scam.
Red flags (any one is enough)
- ✘ Refuses ID copy / KYC.
- ✘ Asks payment to a personal bank account.
- ✘ "Send coins first, payment later".
- ✘ Talk of "insurance" / "guaranteed returns".
- ✘ Receipts without TXID / address / time.
First visit to an unknown shop? Try a small HK$5,000 ticket first, confirm the workflow and receipt before scaling up.
