Hong Kong Free Press signals BitPay to retain its bitcoin funds
Bitcoin payment processing platform, BitPay, has blocked payments to Hong Kong Free Press (Hong Kong FP), according to the chief editor of the nonprofit press agency.
Tom Grundy accused BitPay of withholding his funds for almost three weeks. He said BitPay withheld his money because Hong Kong banks do not support the IBAN (International Bank Account Number). This raised questions about whether or not BitPay is compatible with IBAN.
Mr. Grundy tweeted:
“Never use BitPay friends, it is truly the worst experience you can imagine – bad reputation, abysmal communication, horrible customer service, very high rates. Almost any alternative will be better.”
BitPay’s inability to process incoming payments from Hong Kong FP is leading the news agency to “temporarily suspend” its cryptocurrency donation function, confirmed Mr. Grundy. The editor-in-chief threatened to take BitPay and his co-founder and director Sthepen Pair to court, saying he is “ready to go to war.”
Hong Kong FP remains one of the few means of balanced journalism in China. The nonprofit organization has been busy lately covering the ongoing Hong Kong movement to modify the Anti-Extradition Act, from an impartial point of view. Without a central funding source, Hong Kong FP continues to rely on donations credited by both its readers and its supporters.
Bitcoin, a cross-border payment mechanism without permission, helped Hong Kong FP to collect about HKD 15,000 since 2015. Meanwhile, BitPay protected the agency from the underlying price volatility of bitcoin. The firm converted all incoming cryptocurrency donations to Hong Kong dollars in real time before the final bank deposit.
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