Close Menu
Cryprovideos
    What's Hot

    XRP Analyst Predicts Main Breakout Towards $5.85 as Bullish Sample Types — Right here Is What Comes Subsequent – BlockNews

    October 28, 2025

    Fact Social Companions With Crypto.com for Prediction Markets – Bitbo

    October 28, 2025

    Greatest Meme Cash for the This fall Bull Run: 3 Tokens Really useful by Analysts

    October 28, 2025
    Facebook X (Twitter) Instagram
    Cryprovideos
    • Home
    • Crypto News
    • Bitcoin
    • Altcoins
    • Markets
    Cryprovideos
    Home»Crypto News»HKMA Warns Towards Misuse of 'Financial institution' by Crypto Corporations in Hong Kong
    HKMA Warns Towards Misuse of 'Financial institution' by Crypto Corporations in Hong Kong
    Crypto News

    HKMA Warns Towards Misuse of 'Financial institution' by Crypto Corporations in Hong Kong

    By blockchain.newsNovember 16, 2024No Comments2 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Iris Coleman
    Nov 15, 2024 10:46

    The Hong Kong Financial Authority cautions the general public about crypto corporations misrepresenting themselves as banks, probably violating the Banking Ordinance.

    HKMA Warns Towards Misuse of 'Financial institution' by Crypto Corporations in Hong Kong

    The Hong Kong Financial Authority (HKMA) has issued a cautionary discover to the general public relating to the misrepresentation of sure abroad cryptocurrency corporations as banks inside Hong Kong. These corporations have been discovered utilizing the time period ‘financial institution’ inappropriately of their product descriptions, probably deceptive shoppers, in keeping with the Hong Kong Financial Authority.

    Crypto Corporations Underneath Scrutiny

    The HKMA’s alert highlights cases the place abroad crypto corporations, not licensed as banks in Hong Kong, have misrepresented themselves throughout actions within the area. One agency allegedly claimed to be a ‘financial institution,’ whereas one other described its card product as a ‘financial institution card’ on its web site. These actions increase considerations about client confusion relating to these corporations’ regulatory standing and the character of their providers.

    Banking Ordinance Violations

    Underneath Hong Kong’s Banking Ordinance, solely approved establishments, equivalent to licensed banks and deposit-taking corporations, can legally conduct banking or deposit-taking actions. It’s a violation for entities aside from licensed banks to make use of the phrase ‘financial institution’ of their enterprise names or descriptions, or to counsel they interact in banking actions with out correct authorization.

    Public Advisory

    The HKMA advises the general public that crypto corporations not acknowledged as approved establishments in Hong Kong should not underneath its supervision. Moreover, abroad corporations with the phrase ‘financial institution’ of their names, or these claiming licensing elsewhere, should not essentially licensed banks in Hong Kong. The HKMA encourages people to confirm the standing of monetary establishments by way of its on-line register of approved establishments.

    Regulatory Framework

    In response to the growing intersection of conventional finance and cryptocurrency, the HKMA underscores the significance of adhering to authorized frameworks to guard shoppers and guarantee market integrity. This warning serves as a reminder for shoppers to train due diligence and confirm the legitimacy of monetary providers suppliers.

    Picture supply: Shutterstock




    Supply hyperlink

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Fact Social Companions With Crypto.com for Prediction Markets – Bitbo

    October 28, 2025

    Nobitex Pioneers Transparency and Belief in Crypto Amid Sanctions

    October 28, 2025

    Sharplink to deploy $200M of ETH on Linea to unlock DeFi yields

    October 28, 2025

    3 Bullish RWA Crypto To Watch In November 2025

    October 28, 2025
    Latest Posts

    Will France Create Strategic Bitcoin Reserve? – U.Right this moment

    October 28, 2025

    Ethereum Outpaces Bitcoin in Institutional Progress: 138% to 36%

    October 28, 2025

    Bitcoin Miner TeraWulf (WULF) Inventory Jumps 25% On AI Information

    October 28, 2025

    Bitcoin Bounces Again, Sending 7 Million Cash Again Into Revenue Territory – Bull Market Reviving? | Bitcoinist.com

    October 28, 2025

    Analysts Warn Bitcoin Could Be ‘Too Costly’ for Retail – Bitbo

    October 28, 2025

    Right here’s What Occurs To The Bitcoin, Ethereum, And Dogecoin Costs If The Fed Cuts Charges Once more | Bitcoinist.com

    October 28, 2025

    Indiana Police Get well Stolen Bitcoin Mining Rigs—And $75K Price of Frozen Turkeys – Decrypt

    October 28, 2025

    What To Count on From Bitcoin Value In November 2025

    October 28, 2025

    CryptoVideos.net is your premier destination for all things cryptocurrency. Our platform provides the latest updates in crypto news, expert price analysis, and valuable insights from top crypto influencers to keep you informed and ahead in the fast-paced world of digital assets. Whether you’re an experienced trader, investor, or just starting in the crypto space, our comprehensive collection of videos and articles covers trending topics, market forecasts, blockchain technology, and more. We aim to simplify complex market movements and provide a trustworthy, user-friendly resource for anyone looking to deepen their understanding of the crypto industry. Stay tuned to CryptoVideos.net to make informed decisions and keep up with emerging trends in the world of cryptocurrency.

    Top Insights

    Crypto Analyst Says One Solana Rival Primed To Go Larger, Outlines Path Ahead for Fantom and NEAR Protocol – The Day by day Hodl

    November 30, 2024

    Paul Atkins Sworn In As thirty fourth SEC Chair

    April 22, 2025

    Crypto Market Prediction: Ethereum (ETH): Catastrophic Situation? XRP Begins $4 Path, Shiba Inu (SHIB): $0.000013 Not Reached – U.Right now

    October 4, 2025

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    • Home
    • Privacy Policy
    • Contact us
    © 2025 CryptoVideos. Designed by MAXBIT.

    Type above and press Enter to search. Press Esc to cancel.