HKMA Warns Investors of Fraudulent HSBC and Anchorpoint Stablecoins

Scammers have created fake tokens in the name of HSBC and Anchorpoint Financial, the two newly licensed stablecoin issuers in Hong Kong, ahead of the official launch of their products. Later on, the Hong Kong Monetary Authority (HKMA), HSBC, and Anchorpoint Financial issued separate warnings that the tokens with the tickers “HKDAP” and “HSBC” are not connected to the licensed stablecoin issuers and that users shall not interact with the said tokens. HSBC further said that the Hong Kong stablecoin will only be available through PayMe and the HSBC HK Mobile App when it launches later this year. 

HSBC Says Official Stablecoin Will Launch Through Verified Platforms

Similarly, Anchorpoint also clarified that the firm has not issued any tokens or products under the HKDAP name since it received its stablecoin issuance approval from HKMA. The stablecoin licensing regime of Hong Kong is stringent, as it requires issuers of fiat-referenced stablecoins to obtain the HKMA license and then comply with rules covering reserve backing, governance, redemption rights, and Anti-Money Laundering controls. Along with this, the HKMA holds enforcement powers which include fines, suspensions, and license revocations. 

In the statement released by HSBC, the bank said, “The Hongkong and Shanghai Banking Corporation Limited reminds the public to stay vigilant against dealing in fraudulent stablecoins that purport to be issued by, or associated with, HSBC.” Anchorpoint Financial also stated, “We would like to remind the public to verify information through official sources and use only regulated channels when acquiring or using stablecoins. If you suspect that you have been scammed, please report the case to the Police.”

Earlier in April, the government granted its first Stablecoin issuer licences to HSBC and the Standard Chartered-led joint venture that includes Animoca Brands, called Anchorpoint Financial. The approvals by HKMA mark the first batch under the Stablecoin Ordinance. The first approvals highlighted Hong Kong's cautious approach, as regulators had shown more trust in bank-linked and institution-backed issuers in the opening phase of this new regime. 

There is a certain growth in the number of financial institutions moving into the stablecoin space, as earlier this month, Morgan Stanley's investment management division had initiated the "Stablecoin Reserves Portfolio," which lets stablecoin issuers put their reserves in one of the bank's money market funds and earn interest on them.

This offering is part of the Morgan Stanley Institutional Liquidity Funds trust, which has a primary aim to preserve capital, provide daily liquidity, and distribute income while maintaining a $1 (roughly Rs. 94.19) net asset value. The bank ensured that this offering stays under the guidelines of the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act).