The cryptocurrency exchange CoinEX has launched a digital asset trading platformfor its users in Hong Kong. Dubbed BitHK, theplatform, which seeks to apply for a Virtual Asset Service Provider (VASP)license from the Securities and Futures Commission of Hong Kong (SFC) on June1, would offer spot trading and digital asset storage services in both traditional Chinese and in English. Additionally, BitHK aims to expand itscurrent offerings.
"BitHK is constantlyimproving and plans to introduce P2P crypto trading on top of spot trading tosupport both HKD deposits and withdrawals," said Haipo Yang, the CEO of CoinEX, in a statement. "Asan integral part of Hong Kong's financial services industry, BitHK has anobligation to uphold the city's image as an internationally recognized 'inclusive and open' financial hub."
CoinEX’s launch of BitHK, specifically for Hong Kong users, comes at an interestingtime: the city has just reviewed its cryptocurrency regulation to allowretail investors to participate in digital asset trading as stated in aconsultative process detailed last year.
In an effort to re-establish itself as a digital asset hub,last October Hong Kong officials said in a statement that it wasseeking to introduce regulations to the digital asset sector similar to thosegoverning the traditional financial space. Christian Hui, Hong Kong’s Secretaryfor Financial Services and Treasury, emphasizedthe statement in Marchthis year, noting that many companies had expressed an interest in setting upoperations in the city.
At theAspen Digital Web 3 Investment Summit on March 20, 2023, Hui stated that as of February this year, Invest Hong Kong had received expressions ofinterest from more than 80 virtual asset-related digital asset firms from Mainland China and foreign markets, including virtual asset exchanges, blockchaininfrastructure companies, wallet, and payment services providers.
Regulatory Pressure in the US
Elsewhere, CoinEX is battling tough regulations. Recently, the exchange was sued by the New York Attorney General, LetitiaJames, for operating an unregistered business against state laws. As a result,James is seeking a ban on CoinEX from operating in New York.
Some of the servicesoffered by CoinEX include spot and margin trading, futures, swaps and financialmanagement services. Furthermore, it operates as an Automated Market Maker (AMM). The exchange was foundedin 2017 and serves 5 million users across more than 200 countries, according to CoinMarketCap.
Scope Markets' new hire; more features on CQG; read today's news nuggets.
The cryptocurrency exchange CoinEX has launched a digital asset trading platformfor its users in Hong Kong. Dubbed BitHK, theplatform, which seeks to apply for a Virtual Asset Service Provider (VASP)license from the Securities and Futures Commission of Hong Kong (SFC) on June1, would offer spot trading and digital asset storage services in both traditional Chinese and in English. Additionally, BitHK aims to expand itscurrent offerings.
"BitHK is constantlyimproving and plans to introduce P2P crypto trading on top of spot trading tosupport both HKD deposits and withdrawals," said Haipo Yang, the CEO of CoinEX, in a statement. "Asan integral part of Hong Kong's financial services industry, BitHK has anobligation to uphold the city's image as an internationally recognized 'inclusive and open' financial hub."
CoinEX’s launch of BitHK, specifically for Hong Kong users, comes at an interestingtime: the city has just reviewed its cryptocurrency regulation to allowretail investors to participate in digital asset trading as stated in aconsultative process detailed last year.
In an effort to re-establish itself as a digital asset hub,last October Hong Kong officials said in a statement that it wasseeking to introduce regulations to the digital asset sector similar to thosegoverning the traditional financial space. Christian Hui, Hong Kong’s Secretaryfor Financial Services and Treasury, emphasizedthe statement in Marchthis year, noting that many companies had expressed an interest in setting upoperations in the city.
At theAspen Digital Web 3 Investment Summit on March 20, 2023, Hui stated that as of February this year, Invest Hong Kong had received expressions ofinterest from more than 80 virtual asset-related digital asset firms from Mainland China and foreign markets, including virtual asset exchanges, blockchaininfrastructure companies, wallet, and payment services providers.
Regulatory Pressure in the US
Elsewhere, CoinEX is battling tough regulations. Recently, the exchange was sued by the New York Attorney General, LetitiaJames, for operating an unregistered business against state laws. As a result,James is seeking a ban on CoinEX from operating in New York.
Some of the servicesoffered by CoinEX include spot and margin trading, futures, swaps and financialmanagement services. Furthermore, it operates as an Automated Market Maker (AMM). The exchange was foundedin 2017 and serves 5 million users across more than 200 countries, according to CoinMarketCap.
Scope Markets' new hire; more features on CQG; read today's news nuggets.
