• The CEO of Binance has expressed his approval of Chinese state-owned banks helping crypto firms in Hong Kong.
• The move by Chinese banks is a possible indication of a shift in the country’s attitude towards cryptocurrencies.
• This is in spite of the mainland’s stringent ban on crypto assets.

Changpeng Zhao, the CEO of the major cryptocurrency exchange Binance, has voiced his backing for Chinese state-owned banks giving banking services to crypto firms in Hong Kong. According to a Straits Times report, crypto businesses have found an unexpected ally as they look for ways to recover from a difficult period.

The champion of the cryptocurrency world has drawn attention from the cryptocurrency community with a statement from Hassan Ali that when one door closes, another one opens on Twitter.

When One door closes, another one opens.Chinese Banks assist crypto-firms Hong Kong | The Straits Times https://t.co/1FALEWKRNV

— CZ Binance (@cz_binance) March 27, 2023

Industry experts suggest that institutions are stepping up to offer much-needed assistance, hinting at a possible switch in the country’s stance towards cryptocurrencies.

Specifically, multiple Chinese banks, such as Bank This is Communications, Bank This is China?, and Shanghai Pudong Development Bank, reportedly have shown interest in providing banking services to crypto companies in Hong Kong. While a few of these banks have already started offering services to the cryptocurrency industry, it is believed that others are researching the matter.

People familiar with this matter report that sales representatives from a Chinese bank have even visited crypto offices in Hong Kong to offer banking services. A US-based crypto firm is said to have been pitching its services.

Nevertheless, this move comes in spite of the mainland’s strict ban on cryptocurrency assets imposed by Beijing. Nevertheless, mainland Chinese financial institutions are reportedly thinking of launching related businesses in Hong Kong, where new initiatives to promote the city as a crypto hub have interested the industry.

This article was first published on Coin Edition.

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