Leading financial institutions HSBC and Standard Chartered are feeling the heat from Hong Kong’s banking regulator as it urges them to embrace crypto exchanges as clients, according to a report by the Financial Times, Your Content has learned.
Citing three individuals familiar with the situation, the report reveals that the Hong Kong Monetary Authority recently interrogated the UK-based lenders and the Bank of China regarding their reluctance to accept crypto exchanges as clients.
The regulator’s inquiry reflects the growing importance of cryptocurrencies in the financial landscape, compelling traditional banks to reassess their stance on this emerging sector, according U.S. News.
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