HONG KONG — 25 January 2018 — The Gatecoin team is very disappointed to announce that the facilitation of HKD and USD transfers will be delayed by an additional two weeks.
The good news is that the technical implementation of our new transfer service in partnership with a European payment service provider (PSP) has been completed and is ready to launch. However, we are still waiting for our previous banking partner in Hong Kong to transfer the funds from their accounts to those held by our European PSP partner.
Given that our new partner is licensed in Europe, their financial activities are strictly monitored and they need to report these transactions to their regulator on a daily basis. This means that we need to report all our users’ balances to them and that those balances need to be collateralized. Therefore, we cannot relaunch HKD and USD transfers using this new service until the funds are released from our previous bank. We are contacting this bank on a daily basis and we do not have a clear timeline for the release so far.
Once we have the confirmation from our European PSP partner that they have received the funds from our previous banking partner, all HKD and USD transfers will be resumed immediately. This new service integration will allow automated deposits and withdrawals in HKD and USD to segregated clients accounts with reduced processing times.
We apologize for the HKD and USD transfer service disruption over the past few months. This has been orchestrated by banks in Hong Kong, who have demonstrated hostility not just to our business, but also to a wide range of startups, SMEs and MSO licensed firms including forex and remittance providers.
Your continued patience is highly appreciated.
Thank you very much for your cooperation,
The Gatecoin Team
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