Bitcoin News Mash-Up: HSBC Closes GABI Account; CoinJar Moves to London; and More

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Bitcoin News Mash-Up: HSBC Closes GABI Account; CoinJar Moves to London; and More

Following are the major Bitcoin news of the day

HSBC Closes GABI Account
HSBC Bank recently issued a public statement in which it announced to sever its ties with Jersey-based hedge fund Global Advisors (GA) on the grounds of possible “money laundering risks”. The bank, which previously held a number of meeting with GABI, reached to this harsh conclusion even when their “ex-clients” were compiled with all regulations. Speaking to BBC, GABI CEO Daniel Masters worried about the future of cryptocurrency sector in Jersey, if banks continue to behave this way. HSBC, on the other hand, didn’t release any definite reason for their decision.

CoinJar Moves to London
CoinJar, the Australian Bitcoin company, recently moved its headquarters to London as a part of a global expansion plan that gives customers the freedom to buy, sell and use Bitcoin without paying any additional taxes. The company’s official statement reads:

“Aside from catalyzing CoinJar’s growth, the UK relocation will mean CoinJar customers will no longer be subject to 10 per cent GST (Goods and Services Tax) when they buy bitcoin using our services. HMRC (Her Majesty’s Revenue and Customs) in the UK exempts digital currency trading from value added tax (VAT), so new and existing CoinJar customers will not be levied any additional taxes. The move coincides with a revamp of our online wallet service, which is open to international users.”

AlphaPoint Brings High Frequency Trading to Bitcoin Sector
AlphaPoint developer a finance-based technological platform that allows High Frequency Trading (HFT) with Bitcoin. The company is aiming to address the need for a scalable and reliable infrastructure. They said in a public statement: “We are leveraging high-frequency trading expertise from the development of fintech solutions used by UBS and Deutsche bank to deliver a secure solution.”

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com