Hong Kong Regulator Pressured Major Global Banks to Onboard Crypto Exchanges

It has been just revealed that the important Hong Kong regulator pressured the most important global banks to onboard crypto exchanges as clients. Check out the latest reports below.

It has been just revealed the fact that a Hong Kong regulatory agency is reportedly admitting to pushing global banks operating in its jurisdiction toward accepting crypto exchange platforms as clients.

According to a new report by Reuters, The Hong Kong Monetary Authority (HKMA), the body that regulates banks in the region, says that it had asked major financial institutions to “try and meet the business needs of licensed crypto exchanges.”

The Daily Hodl notes the fact that blue-chip institutions HKMA had asked to onboard crypto exchanges include UK-based lenders HSBC and Standard Chartered, and the Bank of China, a Chinese state-owned bank.

According to the reports coming from the online publication the Daily Hodl, the Federal Reserve’s lending program to support US banks is in high demand as borrowings shatter $100 billion.

“The latest data from the Fed shows that its Bank Term Fund Program (BTFP) has issued loans to the tune of $100.16 billion as of June 7th, compared to $93.61 billion borrowed the week ending May 31st.”

It is also important to mention the fact that BTFP was designed to eliminate a bank’s need to sell those assets in times of distress.

Another issue that has to be mentioned is that the rising number of loans issued by the Fed via the BTFP suggests that the banking industry remains in serious need of additional funding to satisfy depositor obligations.

This is also showing the fact that banks are still feeling the pressure of the Fed’s tight monetary policies.

Stay tuned for more reports from the crypto space, and keep your eyes on the market.