Hong Kong legacy banking outlets are making it difficult, if not impossible, for bitcoin-related businesses to run smoothly. Also read: Life After China’s Exchange Ban – an Interview with Hong Kong-based Binance CEO Zhao “We had just tripled our customer base in a two to three month period,” explains Gatecoin’s Thomas Glucksmann, “the price of bitcoin was rallying, the number of money clients were depositing was increasing – the timing couldn’t have been worse.”.
Gatecoin is a cryptocurrency for fiat exchange based in Hong Kong. “Hong Kong’s bitcoin entrepreneurs say they have been forced to open bank accounts overseas to operate their businesses,” the article continues, “after local banks froze or closed their accounts.”.
Bitspark, a Hong Kong-based remittance company, also had trouble with bank accounts. “The few that do have bank accounts are trying to be as cautious as possible,” Hong Kong Bitcoin Association president Leo Weese said.
The Hong Kong Monetary Authority “dismissed claims that a high number of businesses failed to open bank accounts,” the article insists. Do you think Hong Kong’s moves will lessen its business reputation?.
https://news.bitcoin.com/hong-kong-bitcoin-businesses-are-frozen-out-of-banking/
