Alert: Misrepresentation and misuse of the word “bank” in Hong Kong by crypto firms

The Hong Kong Monetary Authority (HKMA) has issued a warning about overseas crypto firms that falsely represent themselves as banks or use the word “bank” in their product descriptions, even though they are not licensed banks in Hong Kong. Such actions may violate the Banking Ordinance, which restricts the use of the term “bank” to licensed institutions in Hong Kong. The HKMA reminds the public that only authorized institutions, including licensed banks, are allowed to conduct banking or deposit-taking activities in Hong Kong. It is illegal for unlicensed firms to claim to be banks or offer banking products, and consumers are advised to verify the legitimacy of such firms through the HKMA’s official resources.

Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/11/20241115-3/