See More

Hong Kong Protest Funding Account Closure Is an Issue Bitcoin Can Fix

2 mins
Updated by Adam James
Join our Trading Community on Telegram
The British multinational investment bank, HSBC, has reportedly closed a bank account relating to the Hong Kong anti-extradition bill.
The bill is one of the main reasons behind the protests that are occurring in the autonomous territory of Hong Kong. Sources report that the closure relates to “large-scale crowdfunding involving protest activities.”

Hong Kong Protest Funds Get Frozen

HSBC has requested the closure of an account associated with the protest activities that are occurring in the autonomous territory of Hong Kong. The Hong Kong Economic Journal reported that the funds in the account, which allegedly were involved in crowdfunding for the protests, “did not match the original use of the account.” Hong Kong Protest The report reads:
“…there are more and more crowdfunding activities and groups that support anti-reforms. The source disclosed that HSBC has a corporate banking customer because it assists in large-scale crowdfunding involving protest activities. The fund accepted the donation, and the actual use of the alleged account did not match the original use of the account. HSBC requested the end of the account last month.”
Some in the cryptocurrency community have taken to Twitter to voice their opposition to this act:

Cryptocurrency Users Don’t Need Permission

Banks and other financial institutions are known to close accounts or freeze funds without explanation or on short notice. However, since the advent and growth of Bitcoin as a medium of financial transactions, light has increasingly been shed on the fact that a censorship-free alternative to the problematic fiat banking exists in the form of Bitcoin and other cryptocurrencies. This is still largely a benefit for turmoil-stricken regions, like Venezuela or Hong Kong. Whether it be economic turmoil or governmental pressure to quell dissidents, proponents of Bitcoin stress the fair and free aspect of cryptocurrencies, as opposed to the profit-making potential which is often given more voice.
Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!
Top crypto platforms in the US | March 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Rahul-Nambiampurath.jpg
Rahul Nambiampurath
Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his...
READ FULL BIO
Sponsored
Sponsored