In a public announcement today, the Hong Kong Monetary Authority (HKMA) has issued a warning to the public in Hong Kong regarding unauthorised banking activities by Topcredit Digital Currency Bank, Inc./ Topcredit International Bank/ Topcredit Technology Co., Ltd./ Topcredit International. The HKMA clarifies that these entities do not possess the necessary authorization under the Banking Ordinance to conduct banking business or accept deposits in Hong Kong. They have not obtained approval to establish a local representative office in Hong Kong.
Given the global nature of the Internet, the HKMA advises individuals to verify the status of any organisation offering bank accounts or soliciting deposits online. It is reminded to conduct due diligence before transferring funds or providing personal information to such entities.
The public is encouraged to check the list of Authorized Institutions available on HKMA’s official website. Individuals can also check the status of any entity that appears to be soliciting deposits from the public in Hong Kong, or holding itself out as a bank or deposit-taking company in Hong Kong, by emailing the HKMA’s public enquiry service: email@example.com
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