The Wall Street Journal: Hong Kong banks remain cautious about accepting funds from cryptocurrency companies

ChainCatcher news, according to the Wall Street Journal, despite the Hong Kong government officials and regulators launching a series of measures to attract cryptocurrency businesses, including lifting a years-long ban on small investors trading cryptocurrencies and introducing a new licensing system for cryptocurrency trading platforms, many global banks operating in Hong Kong remain cautious about any activities directly related to cryptocurrency trading.

According to bankers, at least two global banks have ruled out any activities directly related to cryptocurrency trading. Many banks also refuse to open accounts that hold customer funds from cryptocurrency trading platforms, leading government officials to intervene directly in hopes of assisting these trading platforms in conducting business. However, there are also some banks that are open to this. The Hong Kong subsidiary of Bank of Communications and a local virtual bank named ZA Bank quickly offered services to cryptocurrency companies after the city announced plans to develop the industry earlier this year. (Source link)