Mox Bank, a virtual bank based in Hong Kong, recently blocked and froze some user accounts linked to cryptocurrencies.
Mox Bank Freezes Users’ Accounts Linked to Crypto
A local media outlet reported that affected customers flocked to the bank’s page to complain that their accounts were blocked and hadn’t been unblocked for a long time. Moreover, several users reported on social media platforms that their Mox Bank accounts were blocked severally in a short period.
Some left messages on the bank’s Facebook page, frustrated that their accounts were frozen for no reason and funds could not be transferred.
One user said his account was frozen last week but was later reopened a few days ago, but added that the process did not give reasons for the freezing in the first place. Interestingly, the same user said he tried to log in to the app later, but his account was frozen again.
Launched in 2020, Mox is a Hong Kong-based virtual bank backed by Standard Chartered in partnership with HKT, PCCW, and Trip.com.
Since Mox is a virtual bank, there is no physical branch that customers can visit and lodge their complaints. According to the report, some users have attempted to contact the bank’s customer service hotline for help many times but failed.
System Update
Meanwhile, some users stated that the incident may be related to the recent Mox Bank system update.
According to the users, the updated system is more sensitive to some transactions and customers, especially those trading cryptocurrencies.
In response, Mox Bank said the affected accounts are currently under review while protecting customer rights.
“…we review the accounts of individual customers according to the existing system as one of our measures to protect customer rights… Customers will continue to be able to use the account after the review is complete… Also, this incident has nothing to do with data breaches,” the bank said.
HKMA Intervenes
According to the report, some frustrated users threatened to file a complaint with the Hong Kong Monetary Authority (HKMA), the region’s banking regulator.
A spokesman for HKMA said the regulator is aware of the situation and has ordered the bank to ensure customers’ concerns are properly handled.
