The Hong Kong Monetary Authority calls on citizens to be vigilant about the use of "banking" behavior by overseas crypto asset institutions that are

Hong Kong Monetary Authority has called on citizens to be vigilant and careful of certain offshore encrypted 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 Hong Kong Monetary Authority has noticed that two offshore encrypted asset institutions that are not licensed banks in Hong Kong have held events in Hong Kong. During the events, one of them was reported to have claimed to be a "bank", while the other described its card products as "bank cards" on its website. The Hong Kong Monetary Authority is concerned that the statements of these institutions may cause consumers to mistakenly believe that they are licensed banks in Hong Kong and under the supervision of the Hong Kong Monetary Authority, or that their products and services are provided by licensed banks in Hong Kong.

The Hong Kong Monetary Authority reminds citizens that encrypted asset institutions that are not recognized by Hong Kong are not supervised by the Hong Kong Monetary Authority. The use of the word "bank" in the name of offshore encrypted asset institutions or the claim of being an "encrypted bank" in other places does not necessarily mean that they are licensed banks in Hong Kong. In addition, products or services with the word "bank" in their name may not necessarily be provided by licensed banks in Hong Kong.