Crypto Firms Posing As Banks Face Scrutiny From Hong Kong Regulator

Quick Summary:

The Hong Kong Monetary Authority (HKMA) has warned the public about two foreign-based crypto companies allegedly misrepresenting themselves as banks.

The firms were found to have used the term "bank” when describing their products and services, potentially misleading consumers.

According to the regulator, such misrepresentation may breach Hong Kong’s Banking Ordinance, which governs the region’s banking sector.

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Article Details

Author / Journalist: Ash Tiwari

Category: Crypto

Markets: HungaryChinaHong Kong

Topics: Bitcoin Crypto Regulations Banks Crypto regulation Btc ETF Hong kong Hkma Crypto adoption Cryptocurrency Ethereum ETH BTCUSDT China

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-16 @ 14:00:47 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 525 words

Reading Time: 3 minutes read

Sentences: 48 lines

Sentence Length: 11 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 23614576

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About Bitcoinist

Main Topics: Crypto

Official Website: bitcoinist.com

Update Frequency: 9 posts per day

Year Established: 2014

Headquarters: Hungary

News Last Updated: 9 hours ago

Coverage Areas: Hungary

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #105

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