The Hong Kong Monetary Authority recently issued a reminder that the public needs to be vigilant and pay attention to the misleading use of the word "bank" by some overseas crypto asset institutions when they are active in Hong Kong. 😮These institutions are not licensed banks in Hong Kong, but they call themselves "banks" or describe their products as "bank cards" during activities, which may violate the Banking Ordinance.

The HKMA pointed out that these misleading statements may mislead consumers into believing that these institutions are regulated in Hong Kong. 💼However, crypto asset institutions not recognized by Hong Kong are not within the scope of supervision of the HKMA. Therefore, citizens need to be extra careful when choosing related services to ensure that the source of information is reliable. 🔍

In short, in the face of the complexity of the crypto asset market, it is particularly important to remain vigilant and make rational judgments. 📊