CoinEx Offers BitHK, New Crypto Trading Platform For Hong Kong Users

Key Points:

• Today, the CoinEx exchange announced the launch of BitHK, a professional cryptocurrency trading platform to serve users in Hong Kong.
• BitHK will apply for a Virtual Asset Service Provider (VASP) license with the SFC on June 1.
• Cryptocurrency companies are racing to apply for a Hong Kong license before the retail opening date of June 1.

According to the official announcement from cryptocurrency trading platform CoinEx, today it launched a professional cryptocurrency trading platform for Hong Kong users called BitHK.

It is known that BitHK will also apply for a license as a Virtual Asset Service Provider (VASP) to the Hong Kong Securities and Exchange Commission (SFC) on June 1.

This new trading platform will utilize CoinEx’s independently developed fast order matching system for efficient crypto trading and a seamless experience. Users can participate in spot trading and store crypto assets on the platform in English and Chinese. The new cryptocurrency trading platform is still in the process of being completed, and P2P trading and spot trading supporting HKD deposit and withdrawal will be launched shortly.

CoinEx also announced that it would strictly abide by the recently published Code of Conduct in Cryptocurrency Exchanges by SFC and the Anti-Money Laundering and Anti-Terrorism Financial Amendment Bill 2022.

Hong Kong’s planned retail trading mode is just a day away from going live, and crypto exchanges are keen to enter the region. The race for retail crypto traders in the region is about to begin, with several crypto companies announcing plans to apply for a license on June 1.

Earlier, Huobi tweeted that their HK institution offers cryptocurrency trading to local retail traders. The exchange submitted the VASP application to the Securities and Futures Commission (SFC) on May 29.

Others – such as OKX; HK’s largest digital bank, ZA Bank; and a subsidiary of the Chinese state-owned multi-industry conglomerate Greenland Holdings – have all signaled their intentions to gain a VASP license.

The SFC announced on May 23 that licensed VASPs could serve retail investors come June 1, and those willing to comply with its guidelines around safe asset custody, security standards, asset segregation, and more are welcome to apply for a license.

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