HK Banks Resist Serving Crypto Exchanges Despite Regulatory Pressure

In an effort to become Asia’s cryptocurrency hub, Hong Kong is shifting gears. However, leading global banks, such as Standard Chartered and HSBC, are not so eager to join the budding crypto party, according to the Financial Times (FT). The banking regulator in Hong Kong has been pressuring these banking giants to accept crypto exchanges as clients, yet these banks have yet to take the expected step. Cryptocurrencies Despite the Hong Kong Monetary Authority’s (HKMA) query about why the two UK-based banks are not keen on serving crypto clients, the banks have not taken the anticipated leap. According to a document dated April 27 that FT accessed, HKMA has asked the banks to assess their stance towards cryptocurrency companies, particularly those opening offices in Hong Kong to explore these opportunities. The major banks have expressed hesitation to serve cryptocurrency clients due to the fear of potential prosecutions if these clients […] The post HK Banks Resist Serving Crypto Exchanges Despite Regulatory Pressure appeared first on COINTURK NEWS.