Hong Kong Monetary Authority: Beware of tokens claiming to be associated with licensed stablecoin issuers

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ChainCatcher message, the Hong Kong Monetary Authority issued a notice urging the public to stay alert and pay attention to press releases issued by Cing Point Financial Technology Limited and Hong Kong Shanghai HSBC Bank Limited, involving tokens claimed to be related to licensed stablecoin issuers.

Tokens using the code “HKDAP” or “HSBC” have appeared in the market, but these tokens are not issued by licensed stablecoin issuers and have no relation to the issuers. As of now, both licensed stablecoin issuers have stated that they have not issued any regulated stablecoins in the market. The public should be vigilant against any fraud or scams claiming to be related to licensed entities or their issued stablecoins. If in doubt, the public should refer to the official announcements of the two licensed entities. The public should also purchase or use stablecoins through regulated channels.

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