<ul><li>The Hong Kong Monetary Authority (HKMA) has warned the public about two foreign-based crypto companies allegedly misrepresenting themselves as banks.</li><li>The firms were found to have used the term “bank” when describing their products and services, potentially misleading consumers.</li><li>Such misrepresentation may breach Hong Kong's Banking Ordinance, which governs the region's banking sector.</li><li>Despite Hong Kong's ambition to establish itself as a global crypto hub, the region's authorities are actively monitoring illegal activities linked to digital assets.</li></ul>

Crypto Firms Posing As Banks Face Scrutiny From Hong Kong Regulator

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