The Hong Kong Monetary Authority (HKMA) has told crypto firms to desist from the practice of falsely describing themselves as banks or characterizing their products as “deposits.” According to the Hong Kong financial services regulator, crypto firms engaged in this practice are in contravention of Hong Kong’s Banking Ordinance. In a statement issued on Sept. 15, the HKMA said it is aware that some crypto businesses portray or describe themselves as crypto asset banks and digital banks. The regulator also warned crypto firms claiming to offer banking services or banking accounts. The HKMA argued such descriptions “may mislead members of the public into believing that those crypto firms” are financial institutions they can trust.
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BNB
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USDC
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XRP
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SOL
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HYPE
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DOGE
$0.069366
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USDS
$0.999851
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RAIN
$0.012718
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LEO
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ZEC
$505.58
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ADA
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XMR
$370.75
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WBT
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LINK
$8.22
▲ +0.30%
XLM
$0.161994
▲ +0.10%
DAI
$1.00
▲ +0.00%
BCH
$215.42
▲ +0.30%
USD1
$0.999665
▲ +0.00%
USDE
$0.999571
▲ +0.00%
GRAM
$1.33
▼ -4.00%
Mkt Cap $2.28T
BTC Dom 56.69 %
BTC
$64,602.00
▼ -0.30%
ETH
$1,910.41
▲ +0.00%
USDT
$0.999271
▲ +0.00%
BNB
$588.38
▼ -1.10%
USDC
$0.999624
▲ +0.00%
XRP
$1.03
▼ -1.70%
SOL
$73.17
▼ -0.90%
TRX
$0.32694
▲ +0.10%
FIGR_HELOC
$1.04
▲ +1.50%
HYPE
$56.38
▲ +0.50%
DOGE
$0.069366
▼ -0.60%
USDS
$0.999851
▲ +0.00%
RAIN
$0.012718
▲ +1.20%
LEO
$9.76
▲ +0.10%
ZEC
$505.58
▼ -0.50%
ADA
$0.200515
▲ +6.50%
XMR
$370.75
▲ +1.70%
WBT
$55.92
▼ -0.40%
LINK
$8.22
▲ +0.30%
XLM
$0.161994
▲ +0.10%
DAI
$1.00
▲ +0.00%
BCH
$215.42
▲ +0.30%
USD1
$0.999665
▲ +0.00%
USDE
$0.999571
▲ +0.00%
GRAM
$1.33
▼ -4.00%
BTC
$64,602.00
▼ -0.30%
ETH
$1,910.41
▲ +0.00%
USDT
$0.999271
▲ +0.00%
BNB
$588.38
▼ -1.10%
USDC
$0.999624
▲ +0.00%
XRP
$1.03
▼ -1.70%
SOL
$73.17
▼ -0.90%
TRX
$0.32694
▲ +0.10%
FIGR_HELOC
$1.04
▲ +1.50%
HYPE
$56.38
▲ +0.50%
DOGE
$0.069366
▼ -0.60%
USDS
$0.999851
▲ +0.00%
RAIN
$0.012718
▲ +1.20%
LEO
$9.76
▲ +0.10%
ZEC
$505.58
▼ -0.50%
ADA
$0.200515
▲ +6.50%
XMR
$370.75
▲ +1.70%
WBT
$55.92
▼ -0.40%
LINK
$8.22
▲ +0.30%
XLM
$0.161994
▲ +0.10%
DAI
$1.00
▲ +0.00%
BCH
$215.42
▲ +0.30%
USD1
$0.999665
▲ +0.00%
USDE
$0.999571
▲ +0.00%
GRAM
$1.33
▼ -4.00%
Mkt Cap $2.28T
BTC Dom 56.69 %
BTC
$64,602.00
▼ -0.30%
ETH
$1,910.41
▲ +0.00%
USDT
$0.999271
▲ +0.00%
BNB
$588.38
▼ -1.10%
USDC
$0.999624
▲ +0.00%
XRP
$1.03
▼ -1.70%
SOL
$73.17
▼ -0.90%
TRX
$0.32694
▲ +0.10%
FIGR_HELOC
$1.04
▲ +1.50%
HYPE
$56.38
▲ +0.50%
DOGE
$0.069366
▼ -0.60%
USDS
$0.999851
▲ +0.00%
RAIN
$0.012718
▲ +1.20%
LEO
$9.76
▲ +0.10%
ZEC
$505.58
▼ -0.50%
ADA
$0.200515
▲ +6.50%
XMR
$370.75
▲ +1.70%
WBT
$55.92
▼ -0.40%
LINK
$8.22
▲ +0.30%
XLM
$0.161994
▲ +0.10%
DAI
$1.00
▲ +0.00%
BCH
$215.42
▲ +0.30%
USD1
$0.999665
▲ +0.00%
USDE
$0.999571
▲ +0.00%
GRAM
$1.33
▼ -4.00%
