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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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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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