NEW: The Hong Kong Monetary Authority (HKMA) wishes to remind members of the public to be cautious about certain overseas crypto firms, which are not licensed banks in Hong Kong, making representation in Hong Kong that they are banks or using the word “bank” in the descriptions of their products or services.

It's crucial to verify the licensing of financial institutions, especially in the crypto space. Misleading representations can pose risks to consumers. Stay informed and cautious when dealing with overseas crypto firms claiming to be banks in Hong Kong.