Hong Kong Central Bank Warns Against Bitcoin Following Alleged Scam

Hong Kong Central Bank Warns Against Bitcoin Following Alleged Scam

Members of the public should exercise extra caution when considering an investment in bitcoin because of the digital currency's highly speculative nature, Hong Kong's central bank has said. The Hong Kong Monetary Authority issued a statement in the wake of reports that a bitcoin exchange and investment scheme called MyCoin had disappeared with an estimated $386.9m of customers' funds. The public should evaluate all investment schemes carefully, regardless of whether they involve bitcoin, the central bank said. The statement read: "We would like to remind members of the public to stay....


Related News

MyCoin Ponzi Scheme, Taiwan Cops Net Two More

MyCoin was one of the biggest scams to hit the shores of Hong Kong this year. The alleged bitcoin exchange based out of Hong Kong was in fact an elaborate Ponzi scheme that successfully managed to rip off over $387 million dollars in customer investments after they shut shop overnight earlier this year. Many South East Asian and Chinese investors were victims of this Ponzi scheme, which has got the police forces in multiple countries conducting their own investigations to ensure justice is served. Hong Kong was the first to counter some success in March after the cops there managed to....

‘All Banks Go Fintech’: Hong Kong Unveils ‘Fintech 2025’ Strategy

The Hong Kong Monetary Authority (HKMA) plans to guide local banks towards full adoption of fintech technologies, a new strategy reveals. The region’s central banking institution also stressed that it’s going to “walk the talk” by digitalizing its own supervision of financial institutions. Hong Kong Central Bank to Support Fintech Development Hong Kong’s monetary policy regulator has presented its new strategy to stimulate the fintech development of China’s special administrative region. With the strategy, HKMA aims for a comprehensive adoption of new....

Hong Kong's Central Bank is Developing a Digital Currency Prototype

Hong Kong's de facto central bank is developing a prototype digital currency. The disclosure came in a Hong Kong legislative document published by the Legislative Council Panel on Financial Affair this week and dated 18th April. According to the note, the Hong Kong Monetary Authority (HKMA), which acts as the region's central bank and finance regulator, is working with Hong Kong Interbank Clearing Limited (a clearinghouse in which it has an ownership stake), several undisclosed banks and distributed ledger startup R3 on the initiative. The document explained: "The first phase of the....

SEBA Bank Secures License To Facilitate Crypto Trading Services In Hong Kong

SEBA Bank, a Switzerland-based crypto-focused bank, has secured an in-principal license to offer crypto services in Hong Kong. SEBA’s Hong Kong unit announced this achievement on August 30. The Securities and Futures Commission (SFC) license allows the bank to offer over-the-counter crypto derivatives and other products in Hong Kong. Also, SEBA Hong Kong said it […]

Hong Kong Protects Local Currency in Forex Market Amid Capital Flight to US D...

Following the Bank of England explaining that it would be meddling in U.K. bond markets and the Bank of Japan defending the yen in the foreign exchange market last week, the Hong Kong Monetary Authority (HKMA) revealed it intervened in forex markets on Wednesday. Hong Kong’s central bank detailed that it interfered in forex markets in order to defend the Hong Kong dollar (HKD) as it showed signs of weakness against the greenback on September 28. HKMA Interferes in Forex Markets to Defend the HKD From Capital Flight to USD Assets While the euro and pound sterling lost 12-17% against....