Thursday, 30 May 2024
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Chinese State-Owned Banks Make an Effort to Attract Crypto Companies

The filing of many enforcement actions by US regulators against crypto businesses in recent weeks has sparked fears of an industry-wide assault. Following several bank failures and seizures earlier this month, the issue became even more obvious.

On March 12, authorities seized Signature Bank to stop the spread of the epidemic. Board member Barney Frank disagreed, stating that the bank had adequate liquidity and that the move was intended to “send a very strong anti-crypto message.”

Chinese Crypto Banks

Bank of Communications, Bank of China, and Shanghai Pudong Development Bank offices in Hong Kong have started providing financial services to bitcoin businesses.

There are also stories of the cryptocurrency industry being actively pursued, including cases where bank sales personnel visited cryptocurrency companies’ offices to promote their services.

  • Banks in Hong Kong have started providing crypto businesses.
  • Banks are typically cautious about admitting bitcoin businesses as customers due to global compliance procedures.
  • The sector is still well-positioned to benefit from the fallout from Operation Chokepoint 2.0.

The decentralized messaging platform Beoble’s inventor, Sung Min Cho, called the Chinese banks’ shift in strategy unexpected.

Banks are typically cautious about admitting bitcoin businesses as customers due to global compliance procedures, including Know Your Customer (KYC) requirements.

Even after opening an account, some businesses have experienced flagged transactions and unexpected account cancellations.

Even though experiences in the Hong Kong banking sector differ depending on the institution, according to Sean Lee, co-founder and executive director of Odsy Network, the sector is still well-positioned to benefit from the fallout from Operation Chokepoint 2.0.

However, Lee emphasized that it is still difficult to convince “non-Asian projects to bank with Chinese banks” due to geopolitical unpredictability.

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