The Hong Kong Monetary Authority (HKMA) wishes to remind members of the public to be cautious about certain overseas crypto firms, which are not licensed banks in Hong Kong, making representation in Hong Kong that they are banks or using the word “bank” in the descriptions of their products or services. Such acts may constitute a contravention of the Banking Ordinance.
It has come to the HKMA’s attention that at the activities hosted in Hong Kong by two overseas crypto firms which are not licensed banks in Hong Kong, one of the firms was reported to have made representation that it was a “bank”, while the other firm had described its card product offered on its website as “bank card”. The HKMA is concerned that such claims by these firms mislead consumers to believe they are licensed banks in Hong Kong and are under the HKMA’s supervision, and such products and services are provided by licensed banks in Hong Kong.
Under the Banking Ordinance, only licensed banks, restricted licence banks and deposit-taking companies (collectively known as authorized institutions) which are authorized by the HKMA can carry on banking business or deposit-taking business in Hong Kong. Other than licensed banks in Hong Kong, it is an offence for any person to use the word “bank” in the name or description under which the person carries on business, or makes any representation that the person is a bank or is carrying on banking business in Hong Kong.
If there is any doubt, members of the public may refer to the register of authorized institutions on the HKMA’s website (https://vpr.hkma.gov.hk/eng/regulatory-resources/registers/register-of-ais-and-lros), or call the HKMA’s Public Enquiry Service hotline (2878 8222).
https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/11/20241115-3