The Hong Kong Monetary Authority (HKMA) has warned against the misuse of the term “bank” by overseas cryptocurrency firms operating in Hong Kong. They are advising the public to verify the legitimacy of any claims made by these firms. Two crypto firms, which are not licensed banks in Hong Kong, misrepresented themselves, one of them claiming to be an authorized deposit-taking institution.
The HKMA is reminding the public to be cautious and check the credentials of any crypto firm they come across.
