PANews reported on November 15 that according to the official website, the Hong Kong Monetary Authority called on the public to be vigilant and be careful of some overseas crypto asset institutions that are not licensed banks in Hong Kong. They claim to be "banks" in Hong Kong or use the word "bank" when describing their products or services. These actions may have violated the Banking Ordinance.
The HKMA has noticed that two overseas crypto asset institutions that are not licensed banks in Hong Kong held events in Hong Kong. During the events, one of them was reported to have called itself a "bank" and the other described the card products it provided as "bank cards" on its website. The HKMA is concerned that the statements made by the institutions may cause consumers to mistakenly believe that they are licensed banks in Hong Kong and are regulated by the HKMA, or to mistakenly believe that such products and services are provided by licensed banks in Hong Kong.
The HKMA reminds the public that crypto asset institutions that are not authorized institutions in Hong Kong are not regulated by the HKMA. The fact that an overseas crypto asset institution has the word "bank" in its name, or an overseas "crypto bank" claims to have obtained a license elsewhere, does not necessarily mean that it is a licensed bank in Hong Kong. In addition, products or services with the word "bank" in their names are not necessarily provided by licensed banks in Hong Kong.
