Hong Kong’s Largest Online Broker Now Offers Bitcoin and Ether Trading
Hong Kong — Futu Securities International, the largest online broker in Hong Kong, has announced the launch of retail cryptocurrency trading on its platform, marking a significant step in the city’s burgeoning digital asset market. The brokerage now offers trading in Bitcoin and Ether, with plans to expand its cryptocurrency offerings in the near future.
In partnership with HashKey Exchange, one of the two licensed cryptocurrency exchanges in Hong Kong, Futu enables residents to trade Bitcoin and Ether using Hong Kong or US Dollars. This strategic move aligns with Hong Kong’s efforts to establish itself as a global crypto hub, despite recent setbacks and challenges in the market.
To attract new investors, Futu is offering special incentives for account holders. Those who open accounts in August and deposit HK$10,000 (approximately $1,280) for a period of 60 days can choose between HK$600 worth of Bitcoin, a HK$400 supermarket voucher, or a share of Alibaba Group Holding. A more substantial deposit of $80,000 offers the choice of HK$1,000 in Bitcoin or a share of Nvidia, the US-based AI chip giant whose stock has surged by around 130% this year. Additionally, the brokerage has waived commission fees for crypto trading starting August 1 until further notice.
Futu is also in the process of obtaining a cryptocurrency exchange license for its new platform, PantherTrade, in Hong Kong. This platform is among 11 others in the city that are “deemed to be licensed” for crypto trading, allowing them to operate while awaiting full approval from the Securities and Futures Commission (SFC).
Challenges and Regulatory Landscape
Despite Hong Kong’s ambitions to become a global cryptocurrency hub, the market has faced challenges. Major global platforms have exited, and trading volumes for crypto ETFs on the local stock exchange remain low. Recent incidents, including a high-profile fraud case involving counterfeit banknotes and a red notice issued by Interpol for local crypto promoter Wong Ching-kit, have highlighted the risks associated with the industry.
In response, Hong Kong authorities have ramped up efforts to combat fraudulent activities. Law enforcement has gained significant experience in tracking money laundering involving digital assets, and the SFC has intensified its scrutiny of unlicensed crypto entities. This month alone, the SFC issued warnings to seven unlicensed trading platforms, underscoring the regulator’s commitment to maintaining a safe and transparent market.
As Hong Kong continues to navigate its path in the crypto world, Futu’s latest offering marks a notable development, providing retail investors with more opportunities to participate in the digital asset space.
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Source: cryptopotato
