Fake Bank Tokens Trick People Before Real Coins Arrive

A new fraud scheme is exploiting well‑known bank brands to trick investors into buying counterfeit tokens.

HKMA Alert
The Hong Kong Monetary Authority warned that tokens named “HSBC” and “HKDAP” were circulating, even though no licensed bank has issued them.

Why It Works

• HSBC and Anchorpoint (backed by Standard Chartered, Animoca Brands and HKT) recently secured licences to launch stablecoins tied to the Hong Kong dollar.
• The legitimate coins are slated for release in late 2026.
• Scammers rented the brand names and listed the fake tokens on exchanges before the official coins appeared.

Consumer Trust at Risk
People often rely on HSBC’s 160‑year legacy and robust balance sheet, which can blind them to the authenticity of a coin.

Regulatory Gap
Hong Kong’s strict stablecoin rules require licences that cost heavily, with penalties of up to HK$5 million or seven years in jail for illegal issuers.
However, the law protects only genuine issuers—not individuals who copy a name—allowing counterfeit tokens to slip through during the licensing‑to‑launch window.

Growing Threat
As more banks worldwide launch stablecoins, the same pattern could repeat. Tokens can be duplicated instantly, but a bank’s name carries legal weight and consumer protection that the copy lacks.

Possible Remedies

• Public registers listing licensed tokens.
• Exchange alerts flagging unlicensed names.
• Wallet‑side checks to verify token legitimacy.

Bottom Line
If consumers learn to confirm a token’s licence before purchase, the scam can be effectively halted.