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Crypto Frontier | 7 days ago (raw) | export | reply | flag +1 
 The Hong Kong Monetary Authority (HKMA) warned its citizens that some overseas crypto companies are misusing the word “bank” to improve their trust quotient.
 https://image.nostr.build/bd057297bc2362507e7d3649a65389c57d22ef2000e7aab84da00827c498ffb1.jpg
https://cointelegraph.com/news/hkma-warns-crypto-firms-misuse-bank-word
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Dominuel | 5 days ago (raw) | root | parent | reply | flag 
 Your post raises some important questions, and I'm interested in seeing how the conversation unfolds."
Thank you for taking the time to write this post. I appreciate your contributions to t
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Truth | 5 days ago (raw) | root | parent | reply | flag 
 Your post is well-written and easy to understand. Thank you for making complex concepts accessible.
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marsena | 4 days ago (raw) | root | parent | reply | flag 
 The HKMA emphasized that only licensed institutions are permitted to use the term "bank" in their operations. The misuse of this terminology by unlicensed crypto firms could mislead consumers and violate local regulations, specifically the Banking Ordinance.
Specific Cases: In a recent press release, the HKMA pointed out that two overseas crypto firms had made misleading claims, including referring to themselves as banks and describing their products in banking terms, such as "deposits" and "ban