Binance CEO Changpeng ‘CZ’ Zhao predicts that more crypto funds will move to Hong Kong as banks in the region begin to support the crypto industry.
With several crypto firms, such as Binance.US, experiencing banking issues in the U.S., CZ believes Hong Kong is an attractive destination for firms looking for new banking partners.
Hong Kong’s ZA Bank is now offering a lifeline for crypto exchanges, providing fiat currency transfers and account services for virtual asset service providers.
According to ZA Bank CEO Ronald Iu, the bank will act as a settlement partner for exchanges, allowing customers to withdraw US Dollars, Yuan, and Hong Kong dollars.
While currently, only licensed exchanges in Hong Kong can use this service, the bank expects more exchanges to join in as they obtain licenses from the regulator.
Hong Kong is positioning itself as a crypto hub in Asia and has been making efforts to legalize crypto trading, regulate crypto exchanges, and support Web3 development. Its new crypto licensing regime is scheduled to come into effect by June.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
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