Hong Kong’s Hashkey Exchange to List Avalanche (AVAX) for Professional Investors
Hong Kong-based cryptocurrency exchange Hashkey has announced that it will be adding Avalanche (AVAX) trading to its platform. However, there is a catch. According to the exchange’s announcement on September 27, only professional investors or individuals with an investment portfolio exceeding HKD 8 million ($1 million) can trade AVAX on the Hashkey exchange. This restriction is imposed by the Securities & Futures Commission (SFC) of Hong Kong, which currently only approves Bitcoin (BTC), Ether (ETH), and Tether (USDT) for retail trading. The SFC has implemented strict regulations on exchanges since the start of regulated retail crypto trading in Hong Kong.
Hashkey’s Stringent Verification Process
Unlike other global exchanges, Hashkey Hong Kong has a unique requirement for users to deposit $1,500 into their exchange accounts as part of the Know Your Customer verification process. This is aimed at preventing fraudulent activities and ensuring compliance with regulations.
Unregistered Exchange Fraud Incident
Despite the introduction of a regulated crypto regime, Hong Kong faced its biggest financial fraud during the Token2049 conference when JPEX, an unregistered crypto exchange, collapsed. The police have accused JPEX of embezzling over $178 million from investors. In response, the SFC has started publishing a warning list of non-compliant crypto exchanges in Hong Kong.
Avalanche (AVAX) Trading Announcement
Attention Crypto Enthusiasts! $AVAX @avax will be available on HashKey Exchange. Deposit and withdrawal are live, and AVAX/USD trading pairs begin on September 28. Professional investors, this one is for you! #CryptoAlert
— HashKey Exchange (@HashKeyExchange) September 27, 2023
Hot Take: Hashkey Exchange Adds AVAX Trading, but Only for Professional Investors
Hong Kong’s Hashkey exchange has announced the addition of Avalanche (AVAX) trading to its platform. However, the catch is that only professional investors with portfolios exceeding HKD 8 million ($1 million) can participate. The Securities & Futures Commission (SFC) of Hong Kong has imposed strict regulations on crypto trading, allowing only Bitcoin, Ether, and Tether for retail trading. Hashkey Hong Kong has also implemented a stringent verification process requiring users to deposit $1,500 for Know Your Customer compliance. Despite regulatory efforts, the recent collapse of unregistered exchange JPEX highlights the challenges faced by Hong Kong’s crypto industry.
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