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Global LocalBitcoins Trading Volume Reached a New All-time High Two Weeks Ago

Localbitcoins has always been a critical platform for cryptocurrency trading. Its business model revolves around directly connecting buyers and sellers of Bitcoin. Over the past few years, LocalBitcoins has become a global phenomenon. This explains why a new all-time high trading volume was recorded two weeks ago. Over $71m worth of Bitcoin was traded across … Continue reading Global LocalBitcoins Trading Volume Reached a New All-time High Two Weeks Ago

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[Important] HKD and USD transfers temporarily halted

HONG KONG — 28 SEPTEMBER 2017 — Over the past two weeks, our HKD and USD transfer services have been severely impacted by the sudden suspension and subsequent closure of our Hang Seng client bank account in Hong Kong.

While we had planned for such a scenario by having multiple back-up client bank accounts ready to be used, we did not anticipate that Hang Seng bank would not provide us with any notice. As a result of this sudden change in our banking infrastructure and transition to our other client bank accounts, many HKD and USD deposits to our Hang Seng bank account were rejected and withdrawals were significantly delayed.

The first back up bank account we used for HKD and USD transfers was with Alpen Baruch, a financial institution with a presence in both Hong Kong and the South Pacific region. However, the charges for processing HKD and USD transfers on their side were extremely high and the processing time was very slow causing a lot of dissatisfaction among our clients.

Therefore, we decided to switch to our other client bank account in Hong Kong at Fubon Bank. Unfortunately, Fubon Bank decided to stop processing HKD and USD deposits one day after we displayed the new bank transfer instructions to our clients as the incoming transfer amount exceeded their maximum deposit allowance.

As a consequence, we have no choice but to temporarily halt all HKD and USD transfers until we have found a financial institution willing and able to process our transfers in a fast and affordable manner.

All HKD and USD withdrawals that are marked as “pending out” or “processing” will be rejected, and your funds will be made available on your Gatecoin balance so that you are able to trade them while we work to open new client bank accounts.

Kindly note that all EUR transfers processed by our European banking partners are unaffected.

We are currently in the process of opening new client bank accounts with several large financial institutions in Hong Kong, Singapore and other Asian countries.

Given our commitment to AML compliance and our transparency with regulators and law enforcers we are confident that we can establish a more sustainable partnership with an Asian financial institution for our HKD and USD transfers in the near future.

The actions of our past banking partners reflects a global trend among banks to cease relationships with crypto-token exchanges in spite of the efforts among many members of our industry, including ourselves, to work with them to ensure strict compliance policies and procedures.

We hope that some banks choose to ignore this trend and recognize the opportunities of working with businesses, such as Gatecoin, involved in this burgeoning industry.

We are sorry for the inconvenience caused and we thank you for your cooperation,

The Gatecoin Team

If you are a Gatecoin client and have any questions about this update please email support@gatecoin.com. Kindly note that it may take several days to receive a response from our customer service team.

All media inquiries should be directed to media@gatecoin.com and will be addressed within 24 hours. Please be aware that we are in the Hong Kong time zone (HKT), so emails sent outside of reasonable hours HKT will not be answered promptly.


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Viuly Announces Pre ICO – Starting from 10th October 2017

Viuly, a multimedia development company has recently announced its pre-ICO campaign, starting from October 10, 2017. The company is set to revolutionize the multi-billion-dollar online video market with the help of cryptocurrency technology. The blockchain based decentralized platform will reward users, authors, and advertisers equally while cutting off all middlemen and access related restrictions involved … Continue reading Viuly Announces Pre ICO – Starting from 10th October 2017

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Viuly Announces Pre ICO – Starting from 10th October 2017

Viuly, a multimedia development company has recently announced its pre-ICO campaign, starting from October 10, 2017. The company is set to revolutionize the multi-billion-dollar online video market with the help of cryptocurrency technology. The blockchain based decentralized platform will reward users, authors, and advertisers equally while cutting off all middlemen and access related restrictions involved … Continue reading Viuly Announces Pre ICO – Starting from 10th October 2017

The post Viuly Announces Pre ICO – Starting from 10th October 2017 appeared first on NEWSBTC.

The post Viuly Announces Pre ICO – Starting from 10th October 2017 appeared first on bitcoinmining.shop.