The Hong Kong Monetary Authority (HKMA) has recently issued a warning about the use of the term “bank” by foreign cryptocurrency companies operating in Hong Kong. The HKMA is advising the public to check the legitimacy of any claims made by these companies to ensure that they are not misrepresenting themselves.
The warning comes after two crypto firms, who are not licensed banks in Hong Kong, have been found to be misrepresenting themselves. The HKMA is urging the public to verify these claims to avoid falling victim to any potential scams. The HKMA’s warning is an important reminder for people to be cautious when dealing with foreign cryptocurrency companies, as they may not be regulated or licensed in Hong Kong.
It is essential for people to do their own research and verify the legitimacy of any claims made by these companies. This will help to protect people from potential scams and ensure that they are dealing with legitimate companies. In conclusion, the HKMA’s warning is a crucial reminder for people to be cautious when dealing with foreign cryptocurrency companies, and to verify their legitimacy before making any transactions.
This will help to protect people from potential scams and ensure that they are dealing with legitimate companies.
