Hong Kong Monetary Authority Warns Against Fake “Crypto Banks” and “Deposits”!

Creator: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since a few years. He has earlier buying and selling expertise and has been working within the Fintech trade since 2017.

Sep 15, 2023 19:59

The Hong Kong Financial Authority has issued a warning to the general public to be cautious when coping with crypto firms that declare to be “banks” or describe their merchandise as “deposits”. The authority has said that some crypto companies utilizing phrases comparable to “crypto financial institution”, “crypto asset financial institution”, “digital asset financial institution”, “digital financial institution,” or “digital buying and selling financial institution” could also be committing against the law. The warning comes amid elevated scrutiny of the crypto trade by regulators around the globe as considerations develop over potential fraud and different unlawful actions. The HKMA has urged the general public to train warning and do their analysis earlier than investing in any crypto-related services or products.