HSBC suspends Hong Kong protest supporting bank account

HSBC Suspends Account That Supported Hong Kong Protesters

In the latest turn of events, the Hong Kong and Shanghai Banking Corporation (HSBC) bank has blockchain a Hong Kong protest supporting bank account.

The 2019 Hong Kong protests or the Anti-Extradition Law Amendment Bill Movement has now taken a new turn, as this prolonged protest is the confrontation between the activists of pro-democracy and their Beijing supported government.

Hong Kong protest supporting bank account

It seems that now the financial establishment is inclining towards one side in this conflict situation. Reportedly, HSBC, the Banking giant decided to suspend any account that is used for the support of the protest in Hong Kong and thus the Hong Kong protest supporting bank account

HSBC suspended the corporate account earlier this week after getting to know that the account was neither a corporate account nor it matched the business purpose as stated by its client, Prime Management Services Ltd. This suspension is taking place after the ban notified the account holder to withdraw its balance within a period of thirty days.


As per the reports, the account was collecting donations for Spar Alliance HK, a non-profit group. The funds were covering the medical and legal expenses of the protestors, and this purpose was not mentioned in the intended use of the account.

The client declared that the account was for used only for commercial purposes; however; it was being used for fundraising to support the protestors. As a huge amount of money was being channelled through the account on a daily basis, the bank had concerns like other banks related to money-laundering.

The spokesperson of HSBC stated that as the bank reviews the customers’ accounts on a daily basis and in case an activity is spotted that differs from the stated purpose of the account, or if some information is missing, the bank does have the authority to suspend the account.

However, the spokesperson didn’t address the Hong Kong protest supporting bank account directly in this statement.

Featured Image by Needpix.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

Related News

Hot Stories

India blacklists more tokens amid Binance investigation
Dogecoin price analysis: DOGE slowly retests $0.06, reaction higher overnight? 
Bitcoin, Binance Coin, Cosmos, and FTX Token Daily Price Analyses – 2 October Morning Prediction
ChainLink price analysis: LINK obtains significant bearish momentum in the last 24 hours
Ethereum price analysis: ETH breaks $1,300, ready to drop further?

Follow Us

Industry News

Weekly crypto price analysis: BTC, ETH, XRP, BNB, ADA, and SOL
Solana restarted for the 8th time. What went wrong this time?
LUNC is finally deflationary
Is Africa winning in crypto adoption?
Spanish telco announces Web3 adoption