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Warning cryptocurrency companies against using banking terms

21 September 2023

Warning cryptocurrency |:

companies against using banking terms

The Hong Kong Monetary Authority said that

funds deposited in unlicensed "cryptocurrency banks"

are not protected under the region's deposit protection system.

The Hong Kong Monetary Authority (HKMA)

has warned users that cryptocurrency companies that present themselves

as banks and use banking terms may violate the region's banking laws.

In a press release :

The Hong Kong Monetary Authority

said that the use of certain banking

terms may be misleading to the public

This makes users believe that

cryptocurrency companies are licensed banks in Hong Kong.

However :

the Central Bank confirmed that
under the region's banking laws
only licensed enterprises are allowed to

engage in banking or accept deposits in Hong Kong.

The Central Bank

warned the public that

companies describing themselves as words such as "crypto bank"

"digital asset bank" and "cryptocurrency bank"

or claiming to provide banking services or bank accounts might violate the law.

According to HKMA :

unlike licensed enterprises, it is illegal for people

or companies to use the bank word in their company name or descriptions.

In addition

facilitating the taking of
deposits without proper licensing
is also a violation of the law.

The Hong Kong Monetary Authority reminded the public that

cryptocurrency companies, which are not banks

were not supervised by the Central Bank.

This means that funds placed under so-called

"crypto banks" are not protected under the Area's deposit protection system.

Hong Kong

recently cracked down on violators of its licensing laws.

And on 15 September

The Region Securities and Futures Commission (SFC)

issued a warning against the JPEX cryptocurrency exchange

for allegedly promoting its products and services in

Hong Kong without obtaining or applying for a license.

After the SFC warning

it appears that stock exchange employees disappeared

from the Token 2049 booth in Singapore.

It also raised the withdrawal fee to up to 999 Tether USDT $1.00, a move that

tried to discourage users from getting their money back from the exchange.

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