The Hong Kong Monetary Authority has issued a warning to the public to be cautious when dealing with crypto companies that claim to be “banks” or describe their products as “deposits”. The authority has stated that some crypto firms using terms such as “crypto bank”, “crypto asset bank”, “digital asset bank”, “digital bank,” or “digital trading bank” may be committing a crime. The warning comes amid increased scrutiny of the crypto industry by regulators around the world as concerns grow over potential fraud and other illegal activities. The HKMA has urged the public to exercise caution and do their research before investing in any crypto-related products or services.
Source: https://coinpedia.org/crypto-live-news/hong-kong-monetary-authority-warns-against-fake-crypto-banks-and-deposits/