HSBC (HSBA.L) and Standard Chartered (STAN.L) are among lenders under pressure from Hong Kong’s banking regulator to accept crypto exchanges as clients, the Financial Times said on Thursday, citing three sources.
According to the newspaper, the Hong Kong Monetary Authority (HKMA) questioned UK-based lenders and the Bank of China last month about why crypto exchanges were not allowed as clients.
HSBC, Standard Chartered, and the HKMA did not immediately respond to Reuters requests for comment.
The HKMA wrote to lenders on April 27 that diligence on potential customers should not “create undue burden,” especially “for those setting up an office in Hong Kong,” the FT said.
Hong Kong’s call for banks to accept crypto clients comes when countries like the U.S. are cracking down on crypto exchanges, with Binance’s U.S. subsidiary stopping dollar deposits last week after the SEC requested a court to freeze its assets.
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