Spotlight on Bitcoin as HSBC Shuts Hong Kong Protest-Linked Account

The need for censorship-resistant currencies like Bitcoin (BTC) has been thrown, yet again, into stark relief as HSBC shutters an account reportedly used to fund Hong Kong protestors. 

As the Hong Kong Economic Journal reported on Nov. 18, the British multinational bank recently closed a corporate account that was reportedly being used to transfer crowdsourced funds to support protestors’ activities.

HSBC says closure a matter of “regular review”

Five months into the Hong Kong protests — now reaching an increasingly violent fever pitch — the bank presented its decision as a formal procedure, stating that it found the account was purportedly being used inconsistently with the purpose originally stated in its paperwork. 

In accordance with a 30-day notice rule, the account — which remains unnamed — was informed last month that its functionality would cease this week.

In correspondence with Bloomberg, Vinh Tran, a spokeswoman for the bank in Hong Kong, wrote that:

“As…