HSBC and Normal Chartered are amongst lenders going through strain from Hong Kong’s banking regulator to tackle crypto exchanges as shoppers, the Monetary Occasions reported on Thursday, citing three folks with data of the matter.
The UK-based lenders and the Financial institution of China had been questioned by the Hong Kong Financial Authority (HKMA) final month on why crypto exchanges weren’t being accepted as shoppers, in keeping with the report.
HSBC, Normal Chartered and the HKMA didn’t instantly reply to a Reuters request for feedback.
The HKMA, in a letter to lenders on April 27, stated diligence on potential prospects shouldn’t “create undue burden”, particularly “for these organising an workplace in Hong Kong,” the FT report stated.
Hong Kong’s urge for banks to just accept crypto shoppers comes at a time when nations such because the US are doubling down on crypto exchanges, with the US affiliate of Binance halting greenback deposits final week after the Securities and Trade Fee requested a court docket to freeze its property.
© Thomson Reuters 2023
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