Crypto Firms Posing As Banks Face Scrutiny From Hong Kong Regulator
The Hong Kong Monetary Authority (HKMA) has warned the public about two foreign-based crypto companies allegedly misrepresenting themselves as banks. The firms were found to have used the term “bank” when describing their products and services, potentially misleading consumers.
HKMA Cracks Down On Crypto Firms Posing As Banks
The HKMA, which also serves as Hong Kong’s central bank, alerted the public today to be wary of two digital asset firms accused of falsely portraying themselves as banks. According to the regulator, such misrepresentation may breach Hong Kong’s Banking Ordinance, which governs the region’s banking sector.
For the uninitiated, the Banking Ordinance is the primary legislation regulating banking…
