Hong Kong’s ZA Bank Offers Crypto Conversions

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Today’s Cryptocurrency Headline

In an interview on Tuesday, Ronald Iu, CEO of ZA Bank in Hong Kong, said that the bank will provide cryptocurrency-to-fiat currency conversion services through licensed exchanges. Ronald Iu stated that ZA Bank will act as the settlement bank for its customers, allowing them to deposit cryptocurrencies on the exchanges and withdraw funds in Hong Kong, Chinese, and US currencies. Ronald Iu also mentioned that this business model has already been operating with HashKey and OSL, the only two licensed cryptocurrency exchanges in Hong Kong at present. ZA Bank will also provide the same services to other licensed exchanges.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Over the last 24 hours, Bitcoin has experienced a 1.08% decrease, reaching an intraday low of $29,637.40. The largest was trading around the $30,000 price level today, indicating that bears are unlikely to concede without a struggle. The gradually upsloping 20-day EMA and the RSI in the overbought territory indicate an advantage to the buyers. If the BTC/USDT pair can maintain its position above the $30,000 mark, there is potential for a rally towards the $32,000 level.

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