Bitcoin

Read

Avalanche

JPEX

<div class="sg-post-des">
  Only professional investors with a portfolio exceeding $1 million can invest in altcoins through regulated exchanges in Hong Kong. 
</div>
<div class="cointelegraph">
 <p>Hong Kong crypto exchange Hashkey, the first to receive a retail crypto license in the Special Administrative Region (SAR), will open Avalanche (AVAX) <a rel="dofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> on its platform. However, there is a catch.</p>
 <p>According to the September 27 announcement, only professional investors, or individuals possessing an investment <a rel="dofollow" title="portfolio" href="https://thebittimes.com/tag/portfolio.html">portfolio</a> with a value exceeding 8 million Hong Kong dollars ($1 million), as defined by the SAR's Securities &amp; Futures Commission (SFC), can trade AVAX on the Hashkey exchange. Currently, only Bitcoin (BTC), Ether (ETH), and Tether (USDT) are approved by the SFC for retail <a rel="dofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a>, with the remaining altcoins subject to professional investor restriction.&nbsp;</p>
 <p>The SFC has placed significant restrictions on exchanges since regulated retail crypto <a rel="dofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> began in Hong Kong in August. Unlike its global counterpart, Hashkey Hong Kong requires users to deposit the equivalent of $1,500 into their exchange accounts as part of the Know Your Customer verification process.&nbsp;</p>
 <p>Cointelegraph reported in June that crypto exchanges are spending over $25 million to establish the proper infrastructure needed for a Hong Kong Virtual Asset Provider (VASP) license. Meanwhile, Hashkey Hong Kong has an estimated 24-hour trading volume of just $5.3 million across three cryptos, a fraction of its global peers.&nbsp;</p>
 <p>Ironically, the introduction of a regulated crypto regime did not appear to halt the activities of bad actors. During the Token2049 conference in September, the biggest financial fraud in Hong Kong's history unraveled with the collapse of the JPEX crypto exchange. Police have accused JPEX of embezzling more than $178 million of investors' money, with the exchange being unregistered with the SFC at the time of the incident. Since the fallout, the SFC has begun publishing a warning list of crypto exchanges deemed non-compliant in the SAR.</p>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr"> Attention #Crypto Enthusiasts! $AVAX @avax will be available on HashKey Exchange. <br>Deposit and withdrawal are live, and AVAX/USD <a rel="dofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> pairs begins on September 28. <br>Professional investors, this one is for you ! #CryptoAlert <br>Read more: https://t.co/sKNFHDF6oe pic.twitter.com/ZQpzSmAi39</p>— HashKey Exchange (@HashKeyExchange) September 27, 2023
 </blockquote> 
 <p><strong>Magazine:&nbsp;Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis</strong></p>
 <template data-name="subscription_form" data-type="crypto_biz"></template>
</div>
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/hashkey-hk-opens-avax-trading-with-1m-portfolio-requirement-tbt64228.html">https://thebittimes.com/hashkey-hk-opens-avax-trading-with-1m-portfolio-requirement-tbt64228.html</a></p>

Hashkey HK opens AVAX trading with $1M portfolio requirement

TheBitTimes

Other articles published on Sep 27, 2023

XRP Price Hangs in Balance Ahead of Make-or-Break Ripple Event in New York

Marathon reportedly mined an invalid Bitcoin block

CoinGecko’s Latest Report On Ethereum Liquid Staking Notes 4.4% APY

Lido DAO Price Prediction: Will LDO Price Rebound in October?

Hong Kong police retrieve $11M in assets from JPEX investigation

How to Trace Bitcoin Address Owner?

Join our free newsletter for daily crypto updates!