The Hong Kong Monetary Authority (HKMA) has warned its citizens that offshore crypto companies are trying to boost their credibility by misusing the word “bank.” In a statement released on November 15, it was stated that crypto firms that are not licensed in Hong Kong are introducing themselves as banks or using the term to describe their services and products. Such actions are against the Banking Ordinance. The HKMA emphasized that two crypto companies are operating in Hong Kong and introducing themselves as banks. This could mislead consumers. Share your thoughts in the comments.