The Hong Kong Monetary Authority (HKMA) has warned the public about the misuse of the term “bank” by overseas cryptocurrency firms operating in Hong Kong. The HKMA has observed that two crypto firms, which are not licensed banks in Hong Kong, have misrepresented themselves by using the term “bank” in their names or marketing materials.
The HKMA is urging the public to verify the legitimacy of these claims and to be cautious when dealing with unlicensed financial institutions.
