Hong Kong's Financial Watchdog Warns Against Disguised Crypto Firms

Coin Edition
Coin Edition

17 Sep 2023 8:36 AM

The Hong Kong Monetary Authority (HKMA) warns against the crypto firms that label themselves as banks and their products as deposits. Read more on CE....

  • The Hong Kong Monetary Authority (HKMA) has issued warnings against crypto firms that label themselves as "banks" and their products as "deposits".
  • These firms are accused of violating Hong Kong's Banking Ordinance and misleading the public.
  • Only authorized institutions with a license from the HKMA are legally allowed to engage in banking services in Hong Kong.
  • It is illegal for any unauthorized institution to use the word "bank" in their name or description, or to carry on a business of taking deposits or inviting the public to make deposits.
  • The Securities and Futures Commission (SFC) has also warned against the unauthorized crypto exchange JPEX, highlighting its false descriptions as a licensed entity.

The article highlights the warnings issued by the HKMA and SFC against unauthorized crypto firms and their misleading practices. The sentiment is negative, as these firms are accused of violating regulations and potentially deceiving the public.

Go to publisher site

You May Ask

What warnings did the HKMA release regarding crypto firms?What is the significance of Hong Kong's Banking Ordinance in relation to these warnings?What actions are considered illegal for unauthorized institutions in Hong Kong?Which regulatory body also issued a warning against an unauthorized crypto exchange?What were the suspicious practices of the crypto exchange JPEX mentioned by the SFC?

Suggested Reads