Digital asset exchange, CoinEx, launched a professional crypto trading platform called BitHK for users in Hong Kong as new regulations take effect on June 1.
BitHK announced on Monday it will submit its license application as a Virtual Asset Service Provider (VASP) to the Securities and Futures Commission (SFC) of Hong King on the same day regulations come into effect for the cryptocurrency industry.
This comes shortly after China’s prompt change of attitude regarding cryptocurrency. China banned cryptocurrencies in 2021 and now with the United States and Canada beginning to crack down on cryptocurrencies, Beijing is starting to show signs of opening up to the industry. It released a white paper in support of the Web3 industry over the weekend.
“BitHK is constantly improving and plans to introduce P2P crypto trading on top of spot trading to support both HKD deposits and withdrawals,” said Haipo Yang, CEO of CoinEx.
“As an integral part of Hong Kong’s financial services industry, BitHK has an obligation to uphold the city’s image as an internationally recognized ‘inclusive and open’ financial hub.”
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BitHK offers spot trading and storage for crypto
The company intends on strictly following the Code of Conduct for Cryptocurrency Exchanges released by the SFC and the Anti-Money Laundering and Counter-Terrorist Financing Amendment Bill 2022. Yang continues in stating it the company is dedicating to delivering services that are complaint, fair and professional while protecting investor assets.
BitHK will use its in-house advanced trade matching engine, which ensures fast and effective cryptocurrency transactions, providing users with a seamless trading experience. The platform currently offers spot trading functionality and allows users to securely store their crypto assets. Furthermore, the platform is accessible in both Traditional Chinese and English languages.
Established in 2017, CoinEx is a global cryptocurrency exchange that focuses on simplified trading. It has a user base of over 5 million individuals spanning across over 200 countries and regions, and offers a spot and margin trading, futures, swaps, automated market maker (AMM), and financial management services.
The CoinEx team consists of skilled professionals from renowned companies in the internet and finance sectors, encompassing experts and experienced investors with a strong background in technology research and development as well as global operations.
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