The Hong Kong Monetary Authority (HKMA) has issued a warning about the misuse of the term “bank” by overseas crypto firms operating in Hong Kong, cautioning the public to verify the legitimacy of such claims.
The HKMA observed that two crypto firms, which are not licensed banks in Hong Kong, misrepresented themselves — one by claiming to be a “bank” and the other by advertising a “bank card.”
These actions may violate Hong Kong’s Banking Ordinance, which strictly reserves the use of the word “bank” to licensed banks, restricted license banks, and deposit-taking companies authorized by the HKMA.
The public is reminded that crypto firms using “bank” in their name or product descriptions may not be licensed in Hong Kong.
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