According to PANews, the Hong Kong Monetary Authority has called on the public to be vigilant and pay attention to certain overseas crypto asset institutions claiming to be "banks" in Hong Kong or using the word "bank" to describe their products or services.
The HKMA has discovered two offshore crypto asset institutions that are not Hong Kong licensed banks operating in Hong Kong, one of which calls itself a “bank” and the other describes its card products as “bank cards”.
The HKMA reminds that crypto asset institutions that are not authorized by Hong Kong are not subject to its supervision, and institutions or products with the word "bank" in their names are not necessarily licensed banks in Hong Kong.