Foreign media: Cryptocurrency companies face obstacles in opening accounts with local banks in Hong Kong

ChainCatcher news, according to CoinDesk, applicants for bank accounts at local banks in Hong Kong have reported difficulties, and even licensed companies are no exception. Although the Hong Kong Monetary Authority organized meetings to suggest relaxing the entry permits for cryptocurrency companies, banks seem to be unresponsive.

Some respondents indicated that currently, cryptocurrency companies in Hong Kong are opening accounts at overseas banks or disguising themselves as other types of companies to open accounts at local banks, but even if they successfully open accounts, they may be closed months later. Some companies choose to purchase expensive insurance or investment products to maintain their relationships with banks. (Source link)