HSBC, StanChart face pressure from Hong Kong to take on crypto clients - FT

  • Banking
  • Thursday, 15 Jun 2023

HSBC and Standard Chartered are among lenders facing pressure from Hong Kong's banking regulator to take on crypto exchanges as clients, the Financial Times reported on Thursday, citing three people with knowledge of the matter.

The UK-based lenders and the Bank of China were questioned by the Hong Kong Monetary Authority (HKMA) last month on why crypto exchanges were not being accepted as clients, according to the report.

HSBC, Standard Chartered and the HKMA did not immediately respond to a Reuters request for comments.

The HKMA, in a letter to lenders on April 27, said diligence on potential customers should not "create undue burden", especially "for those setting up an office in Hong Kong," the FT report said.

Hong Kong's urge for banks to accept crypto clients comes at a time when countries such as the U.S. are doubling down on crypto exchanges, with the U.S. affiliate of Binance halting dollar deposits last week after the Securities and Exchange Commission asked a court to freeze its assets.- Reuters

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Crytocurrency , Standard Chartered , HSBC , HKMA


Next In Business News

Ringgit to strengthen vs USD this month, foreign investors made November comeback: Kenanga Research
FBM KLCI little changed at midday
Coffee trader Mercon runs out of credit, files for bankruptcy
Japan's Q3 GDP falls faster than first estimates as consumption sags
Maybank appoints Alvin Lee as CEO for Singapore effective Jan 1
Ringgit opens firmer vs US dollar
CDC bags four awards at Malaysia Public Relations Awards 2023
Turnaround Friday, as FBM KLCI rebounds after 4-day of losses
Trading ideas: Jentayu, LFE, Vizione, Chin Hin, MQ Technology
Carson Block shorts Blackstone mortgage REIT

Others Also Read