BiyaPay Flagged Unlicensed by Hong Kong SFC
- BiyaPay added to SFC Alert for unlicensed activities.
- Impacts USDT transactions and stablecoin regulations in Hong Kong.
- No official response from BiyaPay leadership or major influencers.

BiyaPay was added to the Hong Kong Securities & Futures Commission’s Alert List as an unlicensed entity on September 18, 2025, highlighting regulatory changes targeting unlicensed crypto activities.
This action signifies stricter enforcement in Hong Kong’s crypto regulation landscape, potentially impacting stablecoin market operations and investor activities within the region.
BiyaPay was flagged as unlicensed by the Hong Kong Securities and Futures Commission (SFC) on September 18, 2025. This action reflects ongoing regulatory changes targeting unlicensed crypto activities in the region.
The SFC’s alert highlights BiyaPay’s unlicensed status, affecting its stablecoin transactions. BiyaPay has been recognized for USDT-to-HKD and USD facilitation, now impacted due to stricter stablecoin licensing regulations.
Hong Kong’s regulatory changes have caused concern among users and investors reliant on BiyaPay’s services. The company’s addition to the Alert List suggests increased scrutiny over unlicensed financial operations.
The regulatory shift could potentially limit BiyaPay’s market operations. It establishes a precedent aligning with Hong Kong’s Stablecoins Ordinance, impacting the broader cryptocurrency landscape particularly for stablecoins.
The SFC’s action emphasizes Hong Kong’s stringent stance on unlicensed crypto entities. Broader implications might result from this regulatory tone, potentially influencing global policy outlooks towards stablecoins.
Financial and regulatory outcomes for BiyaPay include increased compliance costs and potential restructuring to align with the licensing requirements. Regulatory precedents from similar cases may offer insights into future technological and market adaptations needed by crypto platforms.
“Any individual or company that promotes, offers, or facilitates the transaction of a stablecoin referencing a fiat currency must be licensed by the HKMA… It is an offence to advertise a regulated stablecoin activity or offering of a specified stablecoin unless licensed or exempted.” – HKMA (Stablecoins Ordinance, 2025)