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☆ Hong Kong Banks Are Netting Crypto Customers as City’s Push Gains Steam
▼ + stars: | 2023-04-14 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

The Hong Kong unit of China’s state-owned Bank of Communications is working with cryptocurrency companies licensed in the city. HONG KONG—Banks in Hong Kong, including the local unit of a big Chinese state-owned lender, are taking on crypto companies as new customers as the city advances its vision of becoming a digital-assets hub. Banks have opened deposit accounts for crypto businesses that can be used to support their day-to-day operations, such as paying salaries to employees. Some are going as far as providing crypto trade-settlement services that other lenders have steered clear of because of the potential risks involved.

☆ Hong Kong’s Crypto Ambitions Get a Boost From U.S. Crackdown
▼ + stars: | 2023-04-01 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

Ambre Soubiran, CEO of Kaiko, a digital assets data provider that plans to build a team in Hong Kong with customer-facing roles. HONG KONG—Hong Kong’s attempt to attract cryptocurrency companies is getting help from an intensifying crackdown by American regulators. The city was once home to a number of prominent companies, including Crypto.com, BitMEX and now-bankrupt FTX. But increasing competition from Singapore, concerns about China’s tough approach to crypto and Hong Kong’s prolonged and strict response to Covid-19 meant many companies in the sector left.

☆ Huobi’s New Boss Shakes Up Crypto Firm With China Plan
▼ + stars: | 2023-03-27 | by ( Weilun Soon | Elaine Yu | ) www.wsj.com time to read: 1 min

Cryptocurrency entrepreneur Justin Sun is attempting to revive the fortunes of digital-assets exchange Huobi by shifting its focus back to China—with the aid of a digital citizenship program from a tiny Caribbean island. Mr. Sun is pushing the Beijing-founded company to win customers in Hong Kong and China, despite a ban on crypto trading in the mainland that forced Huobi to stop accepting business from there.

☆ HSBC Posts Higher Profit After Rise in Global Interest Rates
▼ + stars: | 2023-02-21 | by ( Josh Mitchell | Elaine Yu | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/hsbc-posts-higher-profit-after-rise-in-global-interest-rates-f846224d

☆ Hong Kong’s Proposed Crypto Rules Seek Investor, Deposit Protection
▼ + stars: | 2023-02-20 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

Hong Kong’s proposed new rules on crypto platforms are a step in the city’s effort to establish itself as a digital-assets hub. Hong Kong’s securities regulator said cryptocurrency-trading companies would need to leave the city if they don’t plan on getting licenses and released proposed new rules seeking to better protect investors in the wake of the collapse of FTX. The Securities and Futures Commission would require crypto exchanges to ringfence customer deposits, put controls in place to keep crypto keys secure and make sure that no more than 2% of customer funds are stored in a so-called “hot wallet,” which is a less secure way to hold crypto assets, according to the proposed rules.

Uncertainty about HSBC’s strategy for serving in both China and the West is amplified by disagreements with Ping An. LONDON—For nearly a year, HSBC Holdings PLC has openly come under pressure from its top shareholder, Ping An Insurance Co., in a standoff that pits Europe’s largest bank against China’s largest insurance company. The source of the rift dates back years, interviews with people familiar with the matter, including people familiar with developments at both companies, suggest.

☆ A New Feng Shui Cycle Starts Soon and Distressed Financial Traders Are All In
▼ + stars: | 2023-02-03 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

Banking is full of number crunchers—but Tsoi Sze Long is a little different. Mr. Tsoi, a feng shui expert in Hong Kong, uses elaborate formulas to help clients decide what objects to keep around them, what sort of lighting they should use, and even where they should sit in an office. He said he is increasingly winning business from people who work in finance.

☆ Macau Tycoon Jailed 18 Years for Running Casino Betting Syndicate
▼ + stars: | 2023-01-18 | by ( Tony Lai | Elaine Yu | ) www.wsj.com time to read: 1 min

Alvin Chau, who helped transform Macau into the world’s richest gambling center, had denied all the charges against him. MACAU—A tycoon in the Chinese casino enclave of Macau was sentenced to 18 years in prison Wednesday after a court found him guilty of heading a criminal syndicate that ran massive under-the-table betting operations across the city’s casinos. Alvin Chau , a flamboyant industry figure who helped transform Macau into the world’s richest gambling center by luring high rollers from mainland China over the past two decades, was convicted of more than 150 counts after a high-profile, monthslong trial. The case came as China is stepping up efforts to clean up the city’s reputation and make it less reliant on gambling revenues.

☆ Worst May Be Over for Macau Casinos, but Challenges Remain
▼ + stars: | 2023-01-07 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

Travel restrictions turned Macau, the world’s most profitable casino hub, into a ghost town. HONG KONG—Macau’s struggling casinos are poised for a recovery, say analysts, with visitors from mainland China expected to surge after the country reopens its borders Sunday. Longer term challenges remain as they face burdensome new operating licenses designed to finally cure the city’s addiction to gambling.

☆ Chinese Health Official Raises Covid Alarm Ahead of Lunar New Year Holiday
▼ + stars: | 2023-01-02 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

HONG KONG—A top Chinese public-health official warned of widespread Covid-19 outbreaks across the country’s more vulnerable rural areas as millions of citizens prepare to travel home for the coming Lunar New Year holiday. Infections have exploded across China after authorities in November and December abruptly scrapped almost all of the country’s stringent pandemic controls amid a sharp economic downturn and rare nationwide protests against the zero-Covid policy that has governed daily life for the past three years.

☆ China Clamps Down on Protesters Against Zero-Covid Policies
▼ + stars: | 2022-11-28 | by ( Cao Li | Elaine Yu | ) www.wsj.com time to read: 1 min

Chinese authorities tightened controls in reaction to rare nationwide protests against the country’s zero-tolerance approach to Covid, dispatching phalanxes of police to prevent fresh gatherings as state media reiterated support for leader Xi Jinping ’s stringent pandemic strategy. The demonstrations exploded in several large cities, including Beijing and Shanghai, during the weekend. They followed a deadly fire on Friday in Urumqi, capital of the remote region of Xinjiang, which officials said killed 10 people. Some residents suggested that pandemic restrictions contributed to a delay in putting out the fire.

☆ American Casino Giants Win 10-Year Macau License Renewals
▼ + stars: | 2022-11-26 | by ( Elaine Yu | Katherine Sayre | ) www.wsj.com time to read: 1 min

HONG KONG—Six casino operators in Macau won provisional licenses to continue operating in the Chinese gambling hub for the next 10 years, the local government said, while rejecting a bid from an outsider to enter the market. The winning companies include affiliates of three American casino giants, Las Vegas Sands Corp., MGM Resorts International and Wynn Resorts Ltd. The licenses of three local rivals were also renewed. They are held by Galaxy Entertainment Group , SJM Holdings Ltd. and Melco Resorts & Entertainment Ltd.

☆ Six Macau Casino Operators Win New 10-Year Licenses
▼ + stars: | 2022-11-26 | by ( Elaine Yu | Katherine Sayre | ) www.wsj.com time to read: 1 min

Six casino operators in Macau won provisional licenses to continue operating in the Chinese gambling hub for the next 10 years, the local government said, while rejecting a bid from an outsider to enter the market. The winning companies include affiliates of three American casino giants, Las Vegas Sands Corp., MGM Resorts International and Wynn Resorts Ltd. The licenses of three local rivals were also renewed. They are held by Galaxy Entertainment Group , SJM Holdings Ltd. and Melco Resorts & Entertainment Ltd.

☆ Cardinal Joseph Zen Convicted by Hong Kong Court in Crackdown on Dissent
▼ + stars: | 2022-11-25 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

HONG KONG—Retired bishop and longtime Hong Kong democracy advocate Cardinal Joseph Zen was convicted of failing to register a fund providing aid to antigovernment protesters, the latest court verdict in a continuing crackdown on dissent in the city. The 90-year-old cardinal, along with other prominent activists including local pop singer Denise Ho and veteran barrister Margaret Ng, didn’t file paperwork for the 612 Humanitarian Relief Fund, a court ruled Friday. The now-defunct fund offered financial and legal assistance to people arrested during the protests that convulsed the city from 2019 up until China’s imposition of a sweeping national security law on the semiautonomous territory the following summer.

FTX suffered a “complete failure of corporate controls” that culminated in an “unprecedented” debacle, its new chief executive said. In a filing to federal bankruptcy court, John J. Ray , who has helped oversee some of the biggest bankruptcies ever, including Enron’s, said he’s never seen anything as bad in 40 years of restructuring firms.

☆ Crypto.com Withdrawals Rise After CEO Admits Transaction Problem
▼ + stars: | 2022-11-13 | by ( Caitlin Ostroff | Elaine Yu | ) www.wsj.com time to read: 1 min

Crypto.com CEO Kris Marszalek admitted that a transfer was mishandled, but said the company’s processes have since been strengthened. Customers pulled funds from Crypto.com over the weekend after the company’s chief executive said the cryptocurrency exchange mishandled a roughly $400 million transaction. Crypto.com Chief Executive Kris Marszalek said on Twitter that the transfer was sent to the wrong type of account on another exchange. The transfer of a large chunk of ether, a popular cryptocurrency, took place on Oct. 21, but came to light after Twitter users flagged the transfer as unusual, based on publicly available blockchain transaction records.

☆ FTX Is Investigating a Potential Hack Amid Bankruptcy Filing
▼ + stars: | 2022-11-12 | by ( Elaine Yu | Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Bankrupt cryptocurrency exchange FTX is probing a potential hack and asked customers to stay off the FTX website, the company said. More than $400 million worth of crypto funds appears to be missing, according to crypto analytics firm Elliptic Enterprises Ltd. The potential hack occurred Friday after FTX filed for bankruptcy. Ryne Miller, FTX US’s general counsel, said in a Saturday tweet that FTX and FTX US had started moving all digital assets to cold storage—crypto wallets that aren’t connected to the internet—after the bankruptcy filing.

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/alameda-ftx-executives-are-said-to-have-known-ftx-was-using-customer-funds-11668264238

☆ Bankrupt Crypto Exchange FTX Probing Unauthorized Transactions
▼ + stars: | 2022-11-12 | by ( Vicky Ge Huang | Elaine Yu | ) www.wsj.com time to read: 1 min

FTX said it is investigating abnormalities with wallet movements. Bankrupt cryptocurrency exchange FTX is probing a potential hack and asked customers to stay off the FTX website, the company said. More than $370 million worth of crypto funds appears to be missing, according to crypto analytics firm Elliptic Enterprises Ltd.A rival crypto exchange said Saturday it knew the identity of the alleged hacker and would help authorities in their investigation.

☆ Crypto Lender BlockFi Halts Withdrawals, Citing FTX’s Problems
▼ + stars: | 2022-11-11 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

Cryptocurrency lender BlockFi Inc. said it was pausing withdrawals and limiting activity on its platform, becoming the latest casualty of the sudden collapse of Sam Bankman-Fried ’s crypto empire. “We are shocked and dismayed by the news regarding FTX and Alameda,” BlockFi said late Thursday on its Twitter account, referring to the crypto exchange FTX and an affiliated trading firm, Alameda Research, both controlled by Mr. Bankman-Fried.

☆ Hong Kong Considers Opening Crypto Retail Trading
▼ + stars: | 2022-10-31 | by ( Elaine Yu | ) www.wsj.com time to read: 1 min

Hong Kong is considering lifting a ban on the retail trading of cryptocurrencies, part of an effort to become a hub for digital assets. That would reverse a yearslong policy that has officially restricted crypto trading on licensed exchanges to professional investors in the city, although retail, or nonprofessional, investors can still trade over-the-counter or use overseas exchanges. The government announced the idea on Monday, the opening day of the Hong Kong FinTech Week conference.

☆ Covid-19 Rules Take Shine Off Hong Kong’s Bid to Reopen
▼ + stars: | 2022-10-29 | by ( Elaine Yu | Jing Yang | ) www.wsj.com time to read: 1 min

Hong Kong will attempt to show it is back in business with a financial summit and premier rugby tournament next week, as strict pandemic controls have led to an exodus of talent and business from the city. But with most visitors still being forced to take PCR tests on arrival and banned from bars and restaurants for three days, business leaders say the two events intended to serve as marquee attractions for the Asian financial hub are likely to fall flat.

☆ HSBC Promotes Veteran Banker to CFO; Profit Falls on Higher Credit Losses
▼ + stars: | 2022-10-25 | by ( Josh Mitchell | Elaine Yu | ) www.wsj.com time to read: 1 min

HSBC Holdings PLC reported a 46% drop in third-quarter profit and named a veteran banker as its new chief financial officer, putting him in the mix as a possible successor to the top job at the global banking giant. The bank has appointed Georges Elhedery , 48 years old, as its new finance chief. He is replacing Ewen Stevenson , who is stepping down from the job at the end of the year and leaving the bank in April. HSBC Chief Executive Noel Quinn called Mr. Elhedery “an exceptional leader” in a statement.

☆ HSBC Profit Falls on French Retail Disposal, Rising Credit Provisions
▼ + stars: | 2022-10-25 | by ( Josh Mitchell | Elaine Yu | ) www.wsj.com time to read: 1 min

Pedestrians passed an HSBC sign in New York earlier this year. Global banking giant HSBC Holdings PLC reported a drop in third-quarter profit, caused by the planned sale of its French retail banking business and rising provisions against credit losses. Profit fell 46% to $1.9 billion in the July through September quarter from a year earlier, HSBC said Tuesday. Analysts had expected it to report about $1.15 billion in profit, according to estimates compiled by the bank.

The Vatican values its agreement with Beijing partly because it recognizes Pope Francis as head of the Catholic Church in China. The Vatican and Beijing have renewed an agreement on the appointment of bishops that Rome views as a necessary compromise to keep Chinese Catholics united, but that critics view as acquiescence to the Chinese government’s growing control of religion. The Holy See Press Office announced on Saturday that the two parties had extended the agreement, first signed in 2018 and renewed in 2020, for another two years.

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