# HSBC, StanChart face pressure from Hong Kong to take on crypto clients – FT
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-06-15
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: HSBC and StanChart Under Pressure in Hong Kong Over Crypto Clients - FT
Meta Description: Find out why Hong Kong's banking regulator is pressuring HSBC and Standard Chartered to accept crypto exchanges as clients, according to the Financial
URL: https://financedigest.com/hsbc-stanchart-face-pressure-from-hong-kong-to-take-on-crypto-clients-fthtml

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# HSBC, StanChart face pressure from Hong Kong to take on crypto clients – FT

(Reuters) -HSBC and Standard Chartered are among lenders facing pressure from Hong Kong’s banking regulator to take on crypto exchanges as clients, the Financial Times reported on Thursday, citing three people with knowledge of the matter.

The UK-based lenders and the Bank of China were questioned by the Hong Kong Monetary Authority (HKMA) last month on why crypto exchanges were not being accepted as clients, according to the report.

Standard Chartered is in regular dialogue with regulators on different subjects, it said in an emailed statement to Reuters, declining to comment further on the FT report.

HSBC and the HKMA did not immediately respond to a Reuters request for comments.

The HKMA, in a letter to lenders on April 27, said diligence on potential customers should not “create undue burden”, especially “for those setting up an office in [Hong Kong,”](https://www.financedigest.com/evergrande-winding-up-lawsuit-in-hong-kong-adjourned-to-nov-7.html "Evergrande winding-up lawsuit in Hong Kong adjourned to Nov 7") the FT report said.

[Hong Kong’s](https://www.financedigest.com/luxury-yacht-owned-by-sanctioned-russian-oligarch-docked-in-hong-kong.html "Luxury yacht owned by sanctioned Russian oligarch docked in Hong Kong") urge for banks to accept crypto clients comes at a time when countries such as the U.S. are doubling down on [crypto exchanges](https://www.financedigest.com/analysis-us-sec-crackdown-on-coinbase-binance-puts-crypto-exchanges-on-notice.html "Analysis-US SEC crackdown on Coinbase, Binance puts crypto exchanges on notice"), with the U.S. affiliate of Binance halting dollar deposits last week after the Securities and [Exchange Commission asked a court to freeze its assets](https://www.financedigest.com/taas-the-first-ever-tokenized-closed-end-fund-dedicated-to-blockchain-assets-partners-with-exchange-platforms.html "TaaS, the First-Ever Tokenized, Closed-End Fund Dedicated to Blockchain Assets, Partners With Exchange Platforms").

(Reporting by Rahat Sandhu in Bengaluru; Additional reporting by Rishabh Jaiswal in Bengaluru; Editing by Rashmi Aich and Sherry Jacob-Phillips)


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