Fake Bank Tokens Trick People Before Real Coins Arrive

A new scam is using well‑known bank names to fool people into buying fake crypto coins. The Hong Kong Monetary Authority (HKMA) warned that tokens called “HSBC” and “HKDAP” were on the market even though no licensed bank had issued them. These names belong to two big banks that recently got licences to launch stablecoins – digital money tied to the Hong Kong dollar. The banks, HSBC and Anchorpoint (backed by Standard Chartered, Animoca Brands and HKT), plan to roll out their real coins in late 2026. The scammers rented the brand names and put the fake tokens on exchanges before the legitimate coins could appear. Because people trust HSBC’s 160‑year history and big balance sheet, they may not double‑check if the coin is real.Hong Kong’s new stablecoin rules are strict: licences cost a lot of money, and illegal issuers can be fined up to HK$5 million or face seven years in jail. Yet the fake tokens slipped through because the law only protects real issuers, not people who copy a name. This shows a gap between getting a licence and actually launching a product – a period when consumers are exposed to brand‑name fraud. The problem will grow as more banks launch stablecoins worldwide. Tokens can be copied instantly, but a bank’s name carries legal weight and customer protection that the copy lacks. To stop this, regulators need tools that let anyone see if a token is truly licensed – like a public register, exchange alerts and wallet checks. If people learn to verify before buying, the scam can be stopped.