Hong Kong's SFC struck hard this time, directly sentencing one-time passwords to death. The 12-month transition period is not that long, and platforms need to hurry up with upgrades.

CoinWorld news, the Hong Kong Securities and Futures Commission requires internet brokers and virtual asset trading platforms to adopt anti-phishing authentication methods for client login and device binding, cease using one-time passwords, and implement more robust alternatives within 12 months. Large internet brokers should adopt immediately. Additionally, internet brokers and virtual asset trading platforms should implement detection and monitoring measures to address suspicious activities and alert clients to cybersecurity risks.