HKMA pushes banks to accept crypto exchanges as clients

Hong Kong’s banking regulator, the Hong Kong Monetary Authority (HKMA), is reportedly pushing major banks such as HSBC, Standard Chartered, and the Bank of China to take on cryptocurrency exchanges as clients. According to a report by the Financial Times, the HKMA queried these lenders last month regarding their hesitancy to accept such clients. In a letter, the HKMA emphasized that due diligence should not impose an undue burden, particularly for entities setting up an office in Hong Kong. This move comes amidst global caution towards crypto exchanges, with the US affiliate of Binance recently halting dollar deposits after a court-ordered asset freeze by the Securities and Exchange Commission.