Bank AI

Standard

HashKey Exchange has secured Type 1 and Type 7 licenses from Hong Kong Securities and Futures Commission (SFC), officially opening up shop to retail customers. 
As an existing Type 1 and Type 7 license holder, HashKey Exchange successfully underwent a simplified process to obtain the license upgrade that allows it to expand its business scope from serving professional investors to retail users. 
The milestone move addresses market demand for a licensed platform that also offers retail users access to buying and storing cryptocurrencies. 
Livio Weng, COO of HashKey Group said:" We are thrilled to become the first licenced trading platform in Hong Kong dedicated to serving retail users. With the establishment of licenced trading platforms and the further clarity of regulatory frameworks in Hong Kong, the industry as a whole will witness increased transparency, leading to a significant boost in investor confidence. As an industry leader, we will continue to fulfill our commitments in compliance, safety and security, ensuring our user benefits are fully protected and creating a trading platform tailored to retail users." 
HashKey Exchange has officially opened pre-registration, and registered users will be rewarded with HashKey EcoPoints (HSK). To commemorate this milestone, a grand ceremony will be held in August, bringing together industry leaders, banking partners, insurance institutions, and universities to celebrate and unveil product details. 
<h2 id="segregated-accounts-with-98-in-cold-storage-and-2-in-hot-wallets">Segregated accounts with 98% in cold storage and 2% in hot wallets</h2> 
At HashKey, user funds are kept under segregated accounts, separated from platform operations, with 98% in cold storage and 2% in hot wallets.&nbsp;In addition, the platform is said to strictly adheres to regulatory requirements and undergoes regular audits and compliance inspections conducted by the Big 4 auditing firms, establishing itself as one of the most secure exchanges globally. 
The company already supports fiat currency deposits and withdrawals, but will also establish more partnerships with top tier banks to provide convenient fiat currency funding and withdrawal services for users. 
In addition to supporting fiat on-and-off ramps, HashKey Exchange has also partnered up with Standard Chartered Bank to provide users with convenient fiat currency deposit and withdrawal services. 
<h2 id="hashkey-launched-virtual-asset-over-the-counter-otc-trading-service">HashKey launched virtual asset over-the-counter (OTC) trading service</h2> 
HashKey Exchange officially launched its virtual asset over-the-counter (OTC) trading service, HashKey Brokerage, as the first compliant OTC trading platform in Hong Kong following the implementation of the new virtual asset exchange regulatory framework by the Securities and Futures Commission in June. 
The OTC platform offers high liquidity bulk trading for investors and high-net-worth clients, providing a secure and reliable channel for fund circulation. 
In the meantime, HashKey has been actively expanding its team, onboarding over ten senior professionals with extensive experience in exchange operations.

HashKey becomes first Hong Kong SFC-regulated crypto exchange to serve retail users

Table of Contents

FinanceFeeds

Other articles published on Aug 3, 2023

$49 million crypto fraud: SEC files charges against US firm

Bridgecoin Allows Crypto Capital Gain Deferment

Minnesota couple loses over $9 million in a crypto romance scam

Seoul Web3 Festival Showcases Promising Projects, Cronos Labs Plays Key Role

Upbit Now 2nd Largest Crypto Exchange by Trading Volume

Peloton Stock: Add PTON Stock into watchlist, Breakout possible

Join our free newsletter for daily crypto updates!