Hong Kong’s central bank said it may be illegal for unlicensed companies to represent themselves as banks in Hong Kong.
The Hong Kong Monetary Authority (HKMA) warned its citizens that some overseas crypto companies are misusing the word “bank” to improve their trust quotient.
On Nov. 15, Hong Kong’s central bank warned about crypto companies that are not licensed banks in Hong Kong making such misrepresentations. The HKMA said some crypto firms have represented themselves as banks or used the term to describe their services and products.
The central bank said that these acts may be against the law. “Such acts may constitute a contravention of the Banking Ordinance,” the HKMA wrote.
