Hong Kong Regulator Pushes Major Banks to Embrace Crypto Exchanges as Clients

The Hong Kong Monetary Authority (HKMA) is reportedly pressuring HSBC, Standard Chartered and Bank of China to take on crypto exchanges as clients. The move comes as Hong Kong aims to become a global crypto hub, with its Securities and Futures Commission accepting applications for crypto trading platform licenses. The three banks were asked by HKMA why they were not accepting crypto exchanges as clients. While no ban on crypto clients exists in Hong Kong, banks appear to be reluctant to engage with the industry for fear of legal challenges in the event of a scam.