Banks of Hong Kong complicate the life of companies associated with bitcoin. According to recent reports, players of the banking market refuse to crypto-currency companies to open accounts, freeze existing accounts and delay any processes without any valid reasons.
'Over the past two or three months, we have tripled our customer base,' explains Thomas Glucksmann of Gatecoin. 'The price of bitcoin was growing, the amount of money that customers invested increased - banks could not choose the worst time that put us in the wheel.'
Glucksmann has in mind the unexpected move by Hang Seng Bank this fall, when the financial institution decided to temporarily freeze the accounts of the company. Gatecoin - the exchange for the exchange of crypto-currencies at the Finnish currency, located in Hong Kong.
'It seriously damaged the work of our company,' says Glucksmann.
The source also notes that 'bitcoin companies located in Hong Kong are forced to open bank accounts abroad to manage their business after local banks have frozen or closed their accounts.'
Other accounts of Gatecoin in Fubon Bank were also sanctioned - the volume of daily transactions on them was limited, which is in fact not much better than closing.
Today's realities are such that most owners of crypto-currencies also have savings in traditional currencies. Because of this, they are forced to rely on the banking system for investment in the crypto currency, at least in the first stages of operations.
Bankers around the world openly expressed concern about the ability of bitcoin to avoid KYC / AML procedures. Companies in the environment know these requirements very well.
'We have always strived to connect each bank transfer with the name of the client registered with us, and we have all their information in accordance with the requirements of KYC', assured Glucksmann.
Due to the actions of banks, Exchange Gatecoin had to temporarily freeze the operations of some of its customers.
Bitspark - another company located in Hong Kong, also faced problems with bank accounts. Its founder, George Harrap (George Harrap), said: 'Banks have leverage on the crypto-currency environment.' Like other bitcomners in Hong Kong, they had to switch to European banks.
'The few companies that have bank accounts are trying to be as cautious as possible,' said President of the Hong Kong Bitcoin Association, Leo Weese.
'But ironically, being cautious, they attract increased attention. It is very difficult to work in such tension, you have to close accounts. '
Bitcoiners in Hong Kong believe that the city began to display open hostility towards the world's most popular crypto currency, and the reputation of a region that had previously favored bitcoin was at stake.
'The Hong Kong Monetary Authority (HKMA) has denied allegations that a large number of companies failed to open bank accounts,' the source said. 'The representative of the regulator noted that the average percentage of refusals in opening accounts was reduced to 5% per month.'
🤗 source: http://bits.media 🤗