Hong Kong Monetary Authority: Beware of overseas crypto asset institutions pretending to be "banks", their behavior may be illegal

According to official news, the Hong Kong Monetary Authority calls 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 provided on its website as "bank cards". The HKMA is concerned that the statements of the relevant 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 been licensed elsewhere, does not mean that it is necessarily 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.