Interactive Brokers, a prominent global brokerage firm, has launched cryptocurrency trading services for its retail clientele in Hong Kong.
Interactive Brokers, a prominent global brokerage firm, has launched cryptocurrency trading services for its retail clientele in Hong Kong. The firm has partnered with OSL, a well-known crypto exchange holding a Virtual Asset Service Provider (VASP) license in the region. Through a unified platform, Interactive Brokers' customers can now conveniently engage in digital asset trading.
Hong Kong-based clients of Interactive Brokers can diversify their investment portfolios by holding Bitcoin (BTC) and Ether (ETH) alongside conventional assets like stocks, derivatives, commodities, and forex. Each transaction attracts a commission ranging from 0.20% to 0.30% based on the transaction value.
Recently, Interactive Brokers successfully obtained a license permitting retail virtual asset trading in Hong Kong. Initially, the firm will facilitate trades exclusively in Bitcoin and Ether. Additionally, BC Technology Group, the parent company of OSL exchange, recently disclosed a substantial $90 million equity investment from blockchain firm BGX.
Although Hong Kong was among the first jurisdictions to grant licenses to cryptocurrency exchanges, the progress has been impeded by recent exchange scandals. For instance, the collapse of JPEX resulted in 66 arrests and an estimated loss of 1.6 billion Hong Kong dollars ($205 million). Similarly, on November 25, Hounax, an unauthorized crypto exchange, allegedly defrauded 145 residents of 148 million HKD ($18.9 million) through a Ponzi scheme.
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