Hong Kong bank freezes user accounts previously involved in crypto

Mox Bank, an online-only bank in Hong Kong, blocked some user accounts previously involved in crypto transactions. Some complain they have nothing to do with digital currencies.

Although the virtual bank started to review the issue, some users have pointed to an official complaint to the Hong Kong Monetary Authority (HKMA), according to the local news outlet HKET. 

Moreover, some users complain that it’s the second time their accounts have been frozen in the past two weeks. As the pressure grew, the HKMA directed the online bank to respond accurately to all its users and ensure that customers’ concerns were handled properly.

According to the local news report, Mox Bank said the accounts are currently under review while protecting customer rights. 

“Customers will continue to be able to use the account after the review is complete. We sincerely apologize for the inconvenience caused to affected customers, and thank all customers for their patience and understanding… Also, this incident has nothing to do with data breaches.”

Mox Bank to local outlet HKET

Last month, Hong Kong’s Securities and Futures Commission (SFC) granted Mox Bank, co-owned by Standard Chartered, PCCW, HKT, and Trip.com, a securities license, allowing the financial entity to bring US equity trading services to the region.