Bitcoin Businesses Suffers In Hong Kong As Local Bank Froze Account

[SlipMart]

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<img src="http://bitzamp.com/wp-content/uploads/2017/11/gatecoin.jpg" alt="" width="321" height="157" class="alignnone size-full wp-image-2394" />

Bitcoin Businesses Suffers In Hong Kong As Local Bank Froze Account

November 19, 2017 Bitzamp

Bitcoin entrepreneurs in Hong Kong say they have been forced to open bank accounts overseas to operate their businesses, after local banks froze or closed their accounts, threatening the city’s push to become a fintech hub.

Gatecoin a Hong Kong-based cryptocurrency exchange – which allow customers to exchange their digital money for fiat currency – according to thier staff who said  they received a phone call from a Hang Seng Bank representative on September 15, where they held a company bank account, and were told their account was suspended without a detailed explanation.

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[jseverson]

Your link leads to an image. Here is an actual article I was able to google:

http://www.scmp.com/news/hong-kong/economy/article/2120506/hong-kongs-bitcoin-businesses-suffer-after-local-bank

Anyway, this piece of news really highlights the need of people for Bitcoin or other cryptocurrencies. Banks have far too much power, even being capable of freezing a perfectly legitimate customer's account without prior notice. It's ridiculous how banks can deny people of their own money. With crypto, people will be able to retain full control without the need of banking services. If nothing else, that might force them to take the power tripping down a notch.