Hong Kong Urges HSBC, Standard Chartered, and Other Banks to Accept Crypto Exchanges As Customers

According to reports from the Financial Times, unnamed sources revealed that the Hong Kong Monetary Authority is urging banks, including HSBC, Standard Chartered, and Bank of China, to accept cryptocurrency exchanges as customers. The Hong Kong Monetary Authority questioned why some banks do not accept cryptocurrency exchanges as customers during a meeting last month.

The Financial Times cited a letter dated April 27th addressed to the banks, in which the Hong Kong Monetary Authority stated that due diligence on potential customers should not impose unnecessary burdens, especially for those clients setting up offices in Hong Kong to seek opportunities.

In response to the news, Standard Chartered Bank stated that it engages in regular dialogues with regulatory authorities on various topics. HSBC Bank expressed its keen interest in the policies and developments regarding this emerging industry in Hong Kong. Bank of China declined to comment.