The Hong Kong Monetary Authority (HKMA) warns the public about crypto firms falsely claiming to be banks or offering deposits. Using terms like “crypto bank” or “digital asset bank,” these firms mislead people into thinking they are authorized banks in Hong Kong. Only licensed banks and authorized institutions can conduct banking or deposit-taking business. It is illegal to use the term “bank” without authorization or to take deposits without a license. Crypto firms which are not banks in Hong Kong are not supervised by the HKMA and Funds held with these crypto firms are not protected by the Hong Kong Deposit Protection Scheme.
Resource:
https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/09/20230915-5/