Banks Shun Bitcoin In Hong Kong, Businesses Seek Foreign Help

Hong Kong’s Bitcoin business sector is feeling uncertain as local exchange Gatecoin loses its banking services.

Just a month after reports of a mass ‘Bitcoin exodus’ from China after it banned crypto-to-fiat trading and ICOs, Hong Kong also appears to be creating a more hostile environment.

Gatecoin, one of the industry’s older exchanges, has dealt with banking freezes before, the company’s Marketing Head Thomas Glucksmann told South China Morning Post, but the latest blow in September came without warning.

“We had just tripled our customer base in a two to three month period, Bitcoin price was rallying, the amount of money clients were depositing was increasing – the timing couldn’t have been worse,” he explained to the publication.

Bitcoin-friendly Japan had said it could not yet service the demand from Chinese businesses looking to relocate and forge ties with