HashKey Exchange Lists AVAX and LINK for Hong Kong Retail Traders

Hong Kong-based HashKey Exchange has introduced AVAX and LINK trading pairs for retail traders.

The AVAX/USD and LINK/USD trading pairs became available at 6 a.m. ET on Wednesday, according to an official announcement. Users can deposit and withdraw AVAX via the Avalanche C-Chain network. LINK is available for transactions through the Ethereum network.

Expanded Access for Retail Investors

Previously, AVAX and LINK were accessible only to professional investors with portfolios exceeding $1 million. Since its launch in April, HashKey Global, the global crypto exchange arm of HashKey Group, has offered trading for over 40 cryptocurrencies.

The recent approval of AVAX and LINK for retail trading marks them as the first new crypto assets sanctioned by Hong Kong regulators for retail trading on licensed exchanges, following bitcoin and ether. The approval comes more than a year after Hong Kong’s Securities and Futures Commission introduced a new licensing framework for crypto exchanges in June 2023. HashKey Exchange was the first to secure a license in Hong Kong, starting retail trading services on August 28, 2023.

HashKey’s Strategic Expansion

While mainland China continues its ban on crypto transactions as part of a broader crackdown initiated in September 2021, Hong Kong has taken a different path. The city has welcomed crypto firms, even encouraging banks to collaborate with them.

HashKey Exchange requires users to link their bank cards for fiat deposits and restricts registration for mainland Chinese users. In January, HashKey Group raised close to $100 million in Series A funding, achieving a pre-money valuation exceeding $1.2 billion.

Notably, HashKey offers spot Bitcoin and Ethereum exchange-traded funds in Hong Kong, which launched in April with Bosera. These funds hold assets of $102.4 million and $14.4 million, respectively. In addition to its expanding offerings, HashKey is preparing to launch its ERC-20 utility token, HSK, later this year, potentially broadening its ecosystem and user engagement.