Hong Kong Monetary Authority issues warning against crypto banks

Hong Kong Monetary Authority issues warning on crypto business
The Hong Kong Monetary Authority (HKMA) has issued a warning to users about crypto businesses that are posing as banks and using banking terminology. He is violating the banking laws of the area.The HKMA said some businesses are misleading the public by using banking terms, causing users to think crypto companies are authorized banks in Hong Kong. However, the central bank has highlighted that only institutions licensed under the territory's banking laws are allowed to conduct banking or deposit-taking businesses in Hong Kong.

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