According to news on May 17, applicants who applied to open accounts in local banks in Hong Kong said they encountered difficulties, even licensed companies were no exception. Although the Hong Kong Monetary Authority organized a meeting to recommend easing the licensing requirements for cryptocurrency companies, banks did not seem to accept it. Some interviewees said that currently Hong Kong cryptocurrency companies will open accounts in local banks in Hong Kong by opening accounts in overseas banks or disguising their companies as other types of companies. However, if the accounts are successfully opened in time, they will be closed after a few months. Some companies choose to purchase expensive insurance or investment products to maintain relationships with banks.