Hong Kong Monetary Authority Warns Against Unlicensed Bitcoin Banks

According to Foresight News, the Hong Kong Monetary Authority (HKMA) has issued a warning against BitGinko and HongKong BTC Bank. The regulator's website states that these entities have not been granted approval to operate banking or deposit-taking businesses in Hong Kong under the Banking Ordinance. Additionally, they have not been authorized by the financial management commissioner to establish local representative offices in the city. The HKMA advises caution when dealing with these unlicensed bitcoin banks on websites and social media platforms such as X, Facebook, and Instagram.