HashKey Exchange announced on Thursday that it has become the first licensed cryptocurrency exchange for retail users in Hong Kong. It has officially opened pre-registration, but has not yet opened retail KYC (coming online), but high withdrawal fees and prohibition of Chinese users can succeed Is it attracting users?
(Previous summary: HashKey announced that it has obtained securities and automated trading licenses, becoming the first retail exchange in Hong Kong)
(Background Supplement: Newsletter “Hong Kong HashKey Exchange has obtained the “first exchange license”! Officially open retail investors to trade cryptocurrencies)
After Hong Kong’s virtual asset service provider licensing system was officially launched in June, this week came a milestone news. Hong Kong’s HashKey Exchange announced on August 3 that it had obtained licenses No. 1 (securities trading) and No. 7 (providing automated trading services) The China Securities Regulatory Commission removed the restrictions on providing services only to professional investors, and licensed exchanges that are allowed to serve retail users.
HashKey: Hong Kong’s first licensed exchange for retail investors
It is understood that HashKey has announced that it will launch a mobile application (APP) for retail investors within a few weeks.The current HashKey platform has officially opened pre-registration, but according toofficial websiteInstructions for registration, retail KYC is not yet open (coming soon).
HashKey Group Chief Operating Officer Livio Weng said this week:
“We are very pleased to be the first licensed exchange for retail users in Hong Kong. With the implementation of the licensed exchange in Hong Kong and the further clarification of the regulatory framework, the entire industry will become more transparent and investor confidence will also be greatly improved. “
According to the official press release, HashKey Exchange is currently undergoing regular audits by the Big Four accounting firms, and the official will store 98% of digital assets in independent cold wallets, and only 2% in hot wallets, so as to protect user deposits and cooperate with A number of commercial banks, including Hong Kong note-issuing banks, cooperate to provide users with convenient fiat currency deposit and withdrawal services.
However, it is worth noting that currently HashKey Exchange does notDoes not support the registration of users in jurisdictions where virtual assets are restricted such as China, Japan, Malaysia, and other sanctioned countries/regions。
Further reading: “Hong Kong Concept” HashKey Group launched the ecological point token $HSK, understand the rights and distribution mechanism
Customer registration is not supported for the countries mentioned in the image above.Source: Intercepted from HashKey Exchange official website
0 transaction fee for a limited time transaction, but the withdrawal fee is 5 times that of Binance
In order to warm up the upcoming retail products, HashKey Exchange has also recently launchedSpot Trading Zero Fee Limited Time Event。
However, currently the platform does not provide many assets and trading pairs, and the official support currently only supports 4 assets and 7 transactions including BTC, ETH, USDT, and SPiCE (the native token of SPiCE, the first fully tokenized venture capital fund). Yes, it is more difficult to satisfy senior currency circle users.
Source: Intercepted from HashKey Exchange official website
And it is worth mentioning that the handling fee, which is very important for users to choose an exchange, according to the official websiteFee DescriptionIt shows that the current transaction fee is 0%, the custody fee is exempted for a limited time during the initial start-up period, and the deposit fee is free, butWithdrawal fees are much higher than those of current mainstream exchanges。
Taking the most commonly used stablecoin USDT by investors (ERC 20 network, currently does not support TRC 20) as an example, the withdrawal fee is 16.4 USDT, which is the same as that announced by Binance. USDT（ERC 20）The withdrawal fee is nearly 5 times higher than 3.68. It can be foreseen that in the highly competitive market of encrypted trading platforms, in order to attract more retail investors to join in the future, HashKey needs to give more optimizations in the withdrawal fee and support trading pairs.
The source is taken from the official website of HashKey Exchange
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2023-08-05 07:35:05
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