The Hong Kong Monetary Authority (HKMA) urges the public to be cautious about certain overseas crypto firms, which are not licensed banks in Hong Kong, making representation in Hong Kong that they are banks or using the word “bank” in the descriptions of their products or services. Such acts may constitute a contravention of the Banking Ordinance.
It has come to the HKMA’s attention that at the activities hosted in Hong Kong by two overseas crypto firms which are not licensed banks in Hong Kong, one of the firms was reported to have made representation that it was a “bank”, while the other firm had described its card product offered on its website as “bank card”.
The HKMA is concerned that such claims by these firms mislead consumers to believe they are licensed banks in Hong Kong and are under the HKMA’s supervision, and such…
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