The Hong Kong Monetary Authority (HKMA) has issued a warning to the public about overseas crypto firms that falsely claim to be banks. The HKMA has highlighted two crypto firms that recently operated in Hong Kong and misrepresented themselves as banks. The use of the term "bank" by entities outside of licensed banks is a violation of the law in Hong Kong. The HKMA cautions the public to be cautious and not assume that products or services using the term "bank" are provided by licensed banks in the jurisdiction.



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