Hong Kong stands as a global financial hub renowned for its openness and inclusivity in financial markets. USDT, the largest stablecoin, offers investors a tool to hedge against volatility. With the growing adoption of cryptocurrencies like USDT, many are exploring USDT trading in Hong Kong—especially after its legalization there. However, safety remains a priority, prompting investors to ask: Which Hong Kong banks support USDT trading? Below, we detail eight key banks: ZA Bank, Standard Chartered, Welab, and more.
Banks Supporting USDT Trading in Hong Kong
1. ZA Bank
Hong Kong’s largest digital bank, ZA Bank offers comprehensive virtual banking services, including deposits, loans, transfers, corporate banking, card payments, cross-border remittances, investments, and insurance.
2. Standard Chartered
A major Hong Kong-registered commercial bank and one of the city’s top four banks, Standard Chartered provides personal banking services like credit cards, loans, mortgages, deposits, and wealth management. Note: Mainland Chinese IDs cannot open accounts here.
3. Welab
Originally a mainland nickel mining company based in Xinjiang, Welab pivoted to virtual banking in Hong Kong, focusing on streamlined financial services.
4. Tianxing Bank
A virtual bank backed by Xiaomi and AMTD Group, Tianxing launched in 2020, offering digital banking services under Hong Kong’s regulatory framework.
5. Ant Bank (HK)
Operated by Ant Group, this bank integrates with AlipayHK for seamless digital payments and banking, catering to local and tech-savvy users.
6. Fusion Bank
A licensed virtual bank and member of Hong Kong’s deposit protection scheme (up to HKD 500,000 coverage per depositor), Fusion emphasizes security and innovation.
7. Ping An OneConnect Bank
Hong Kong’s first virtual bank targeting SMEs, it provides flexible banking solutions and plans to expand tech-driven financial services.
8. Livi Bank
A joint venture by Bank of China HK, JD Digital, and Jardines, Livi offers zero-threshold accounts, QR-code withdrawals, and insured deposits.
Is USDT Legal in Hong Kong?
Yes. USDT is recognized as a lawful digital asset pegged to the USD, providing stability for crypto investors. The Securities and Futures Commission (SFC) permits USDT trading via licensed exchanges but cautions about investment risks. Investors must use compliant platforms to ensure legality.
Key Considerations:
- Regulated Exchanges: Always trade through SFC-licensed platforms.
- ATM Options: Some Hong Kong ATMs support USDT-to-HKD conversions (daily limit: HKD 100,000).
- Mainland Restrictions: Certain banks disallow accounts for mainland IDs but permit locals.
FAQs
Q1: Can mainland Chinese investors trade USDT in Hong Kong?
A: Yes, but some banks restrict account openings for mainland IDs. Alternatives include using local exchanges or ATMs.
Q2: What’s the daily ATM withdrawal limit for USDT conversions?
A: HKD 100,000 per day across most Hong Kong ATMs.
Q3: Are there fees for USDT transactions in Hong Kong banks?
A: Fees vary by bank. Digital banks like ZA or Livi often offer lower costs than traditional banks.
👉 Compare USDT-friendly banks in Hong Kong
Final Notes
While USDT’s legality in Hong Kong is clear, market dynamics require vigilance. Investors should:
- Monitor regulatory updates.
- Use licensed exchanges.
- Diversify strategies to mitigate risks.
Disclaimer: Cryptocurrency investments carry risks. This content is educational; consult professionals before trading.