HashKey Exchange to Launch Retail Crypto Trading Services Amid Regulatory Milestone
Crypto News – Asia-based cryptocurrency exchange, HashKey Exchange, is gearing up to provide cryptocurrency trading services to retail clients starting from August 28, according to Livio Weng, the company’s Chief Operating Officer. The exchange’s foray into retail trading will initially focus on Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization. This expansion follows HashKey’s recent achievement of becoming the first crypto entity in Hong Kong to secure a license under the city’s new regulatory framework for retail crypto trading platforms.
Weng emphasized the exchange’s cautious approach to retail trading, driven by both HashKey’s and Hong Kong’s financial regulatory body’s commitment to risk management. In light of potential market downturns, the company has opted to prioritize lower-risk tokens, excluding more volatile altcoins.
To diversify its retail offerings, HashKey is in discussions with approximately five local brokerages in Hong Kong. These partnerships aim to integrate HashKey’s crypto trading services into the brokerages’ platforms, potentially tapping into a substantial user base already engaged in Hong Kong stock trading.
Stringent Know Your Customer (KYC) procedures are a central aspect of HashKey’s operational strategy. Users are required to link their bank cards to the platform for fiat currency deposits, including Hong Kong and US dollars. Notably, HashKey enforces a prohibition on users from Chinese IP addresses, in contrast to the more crypto-receptive environment in neighboring Hong Kong.
HashKey has ambitious growth targets for its retail services. Weng expressed the company’s goal of reaching between 500,000 to 1 million registered users by the end of the current year. Anticipating a more bullish market in the following year, HashKey aims to expand its user base even further, targeting 10 million users by the year 2025.
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