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HONG KONG — 11 December 2017 — The Gatecoin team is pleased to announce the temporary resumption of HKD and USD transfers (credits and withdrawals) as of 18:00 HKT, Monday, 11 December 2017.

Why is this temporary?

We are currently working on a long-term and sustainable solution for HKD and USD transfers which requires a complex technical integration with a licensed European payment services provider. This will take several more weeks to implement. In the meantime, we have activated new bank accounts in Hong Kong to facilitate HKD and USD transfers.

However, given the fragility of our banking relationships in Hong Kong, we see this option only as a temporary solution to our HKD and USD transfer disruptions.

It is important to note that Hong Kong banks are not just hostile to our business, but also to a wide range of startups, SMEs and MSO licensed firms including forex and remittance providers.

How much will HKD and USD transfers cost with this new solution?

HKD credits — HKD 50

USD credits — USD 7

HKD withdrawals — HKD 100

USD withdrawals — USD 12

**These fees exclude additional fees that may be charged by banks.**

How long will HKD and USD transfers take to be processed with this temporary solution?

Credits will take up to two business days to be credited to your Gatecoin account once the funds are received on our bank account as they need to be manually processed by our team.

Withdrawals may incur significant delays during processing. We are currently negotiating with the bank to increase our daily withdrawal limit to enable faster processing times.

How about EUR SEPA transfers?

Our EUR SEPA transfers were unaffected by the disruptions to our HKD and USD transfers in Hong Kong as these are processed through our banking partners in Europe. All EUR transfers will continue to be processed as normal.

Reminder on credits

When sending HKD/USD/EUR to our bank accounts, please remember to provide details of your credit by email to transfer@gatecoin.com.

Include your full name, the amount, currency and credit code in the email subject line and attach a screenshot of the online banking transaction confirmation message.

For example: Simon Chan / 1000 / HKD / GTCN-XXXXXX

When will the European PSP solution for HKD and USD transfers be ready?

We expect this to be implemented by Monday, 15 January 2018. The delay is due to the fact that more technical integration is required to enable automated fiat currency transfers to segregated client accounts with drastically reduced processing times (intraday).

What about the bank accounts for large OTC trades?

For clients wanting to process large over the counter (OTC) trades through Gatecoin, we will be able to facilitate USD transactions through our Swiss Asset Management partner by late December 2017.

Thank you for your cooperation,

The Gatecoin Team

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If you are a journalist with questions about this update, please email media@gatecoin.com.