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Hong Kong govt pressures banks to accept crypto clients

The Hong Kong Monetary Authority , which serves as the region’s central bank and regulator, has reportedly put pressure on major banks, including HSBC and Standard Chartered, to accept crypto exchanges as clients.

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The Hong Kong Monetary Authority , which serves as the region’s central bank and regulator, has reportedly put pressure on major banks, including HSBC and Standard Chartered, to accept crypto exchanges as clients.

According to a June 15 report from the Financial Times, which cited three sources familiar with the matter, the HKMA questioned the U.K.-based firms as well as the Bank of China in a May meeting asking the institutions why they weren’t taking on cryptocurrency exchanges as clients.

Less than a month before on April 27, the HKMA issued a circular to banking institutions urging them to pay attention to new market developments and encouraging them to adopt a more ambitious approach to new sectors such as the crypto market.

In the document, Hong Kong’s central bank specifically required the institutions to help crypto firms, which it calls virtual asset service providers, in gaining access to banking services.

A spokesperson from the HKMA stated that the implementation of the new regulatory framework for VASPs is an important part of the tech development ecosystem and that banks operating in Hong Kong should “endeavour to meet the legitimate business needs” of licensed VASPs. The HKMA declined to comment further on the content of May’s meeting. 

Similarly, a spokesperson from Standard Chartered said that it engages in “regular dialogue” with regulators but could not disclose any additional details concerning the matter. 

A representative from HSBC stated that it engages in active dialogues with virtual asset players to exchange views on a range of topics and that it remains very engaged on policies and developments of this nascent industry in Hong Kong.

Hong Kong’s pro-crypto pressure comes amid a turbulent regulatory environment for exchanges in the United States.

On June 5, the U.S. Securities and Exchange Commission sued Binance for violating domestic securities laws. The next day on June 6, the SEC sued Coinbase on similar allegations.

In a June 12 filing, Binance.US claimed that the SEC’s lawsuit was placing significant pressure on its relationships with its banking partners in the U.S. Additionally, Binance Australia was recently forced to shut down all Australian dollar services, including withdrawals and deposits, after its banking ties were severed by local payments provider Zepto.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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