March 14, 2025
Hashkey HK opens AVAX trading with M portfolio requirement

Hong Kong-based cryptocurrency exchange Hashkey, the first exchange to obtain a retail cryptocurrency license in the Special Administrative Region (SAR), will open trading of Avalanche’s AVAX (AVAX) on its platform. However, there is a problem.

According to reports on September 27 announcement, only professional investors – individuals with investment portfolios worth more than HK$8 million (US$1 million), as defined by Hong Kong’s Securities and Futures Commission (SFC) – can trade AVAX on the Hashkey Exchange. Currently, only Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) are approved for retail trading by the Securities Regulatory Commission, while the remaining altcoins are restricted by professional investors.

Since Hong Kong began regulating retail cryptocurrency trading in August, the Securities and Futures Commission has imposed strict restrictions on exchanges.Unlike its global counterparts, Hashkey Hong Kong need As part of the Know Your Customer verification process, the user deposits the equivalent of $1,500 into their trading account.

As Cointelegraph reported in June, the cryptocurrency exchange spent more than $25 million to establish the appropriate infrastructure required for a Hong Kong Virtual Asset Service Provider (VASP) license. Meanwhile, Hashkey Hong Kong’s 24-hour trading volume across three cryptocurrencies is estimated at just $5.3 million, a fraction of its global peers.

Ironically, the introduction of a regulated cryptocurrency regime does not seem to deter the activities of bad actors. During the Token2049 conference in September, with the collapse of the JPEX cryptocurrency exchange, the most significant financial fraud in Hong Kong history was revealed. Police allege that JPEX misappropriated more than $178 million in investor funds, and the exchange was not registered with the Securities Regulatory Commission at the time of the incident. Since the incident, the SEC has begun issuing warning lists of cryptocurrency exchanges deemed non-compliant in the District.

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