Overall, the existing applicants and licensed platforms are mostly local financial institutions in Hong Kong and companies with resources in mainland China.
Written by: Frank
On June 1, the transitional period of the virtual asset trading platform licensing system in Hong Kong officially ended, resulting in disappointment in the crypto community. Prior to this, trading platforms that were unlikely to obtain licenses have announced their withdrawal from the Hong Kong market.
Although only 2 institutions have officially obtained licenses, the Securities and Futures Commission of Hong Kong has also updated the list of 11 platforms "treated as having obtained licenses" and the 6 platforms currently on the application list. As of June 3, PANews found that the Securities and Futures Commission of Hong Kong has removed the list of "treated as having obtained licenses," and unified it into the "virtual asset trading platform applicant list," and issued a reminder that "the SFC urges investors to only trade virtual assets on platforms licensed by the SFC. The SFC reminds investors that applicants treated as having obtained licenses for virtual asset trading platforms have not been formally licensed by the SFC," which may be to avoid misunderstandings.
Overall, the existing applicants and licensed platforms are mostly local financial institutions in Hong Kong and companies with resources in mainland China. Major native cryptocurrency exchanges have almost all withdrawn from the competition for Hong Kong licenses.
Licensed trading platforms: 2
HashKey Exchange: Wanxiang-backed Exchange
Hash Blockchain Limited is a company belonging to the HashKey Group, headquartered in Hong Kong. The investors behind HashKey Group are Wanxiang Blockchain Lab. Wanxiang Blockchain is part of Wanxiang Group's strategic layout in the blockchain industry. Wanxiang Group founder Lu Guanqiu, along with Jack Ma and Qian Qihu, are known as the three leading figures of Zhejiang merchants. On May 31, HashKey Exchange announced that it had obtained the AMLO license from the Securities and Futures Commission of Hong Kong (operating a virtual asset trading platform under the Anti-Money Laundering Ordinance), marking HashKey Group as a fully licensed virtual asset platform in Hong Kong.
OSL Exchange
OSL Exchange is the first licensed virtual asset exchange in Hong Kong, with its parent company being OSL Group, a Hong Kong-based financial technology company specializing in providing blockchain technology solutions and digital asset services. Its executive team comes from well-known financial giants such as HSBC, Morgan Stanley, and Accenture.
Platforms treated as having obtained licenses: 11
HKbitEX: Founded by former HKEX executives
Hong Kong Digital Asset EX Limited (HKDAEx) was founded by former senior executives of the Hong Kong Exchanges and Clearing Limited, including Gao Han, the former Managing Director of HKEX. The group's business scope includes securities and commodity trading, fund and asset management, metaverse and Web 3 technology, trading registration and clearing, trust and asset custody, fund establishment and management, as well as wealth management and family office services. HKFAEx Group has completed several cases of transforming collectibles into virtual assets and promoted copyright NFTs as an investable asset category. The group has also been a major shareholder of Oriental Culture Group (OCG.US), a Nasdaq-listed company.
HKbitEX has been provisionally approved for the first type of regulated activity (securities trading) and the seventh type of regulated activity (providing automated trading services) virtual asset trading platform (VATP) license by the Securities and Futures Commission of Hong Kong.
PantherTrade: Subsidiary of Futu Holdings
PantherTrade is a subsidiary of Futu Holdings, headquartered in Hong Kong. The company focuses on the development and operation of virtual asset trading platforms. Panthertrade has recruited team members with professional knowledge in the cryptocurrency and investment fields, such as Chen Zhihu, former Chief Investment Officer of Huobi Asset Management (Hong Kong) Limited, and the initial director Fang Xingzhi with a background in JD Securities Limited.
Accumulus: Subsidiary of Tianjin Taxpayer Cloud Account
Accumulus was established on September 2, 2022, by Cloud Account Technology (China) Co., Ltd. (referred to as Cloud Account). Cloud Account is an internet platform that provides services to workers in new forms of employment (freelancers). According to official statements, it has provided services to over 83 million people in 120 countries and regions, with a total revenue of 108.4 billion RMB in 2023. In 2021, Cloud Account ranked first among private enterprises in Tianjin with a tax amount of 3.366 billion RMB. Cloud Account shares a database with the Tianjin Public Security Bureau and has established cooperation in tracking down pyramid schemes, illegal fundraising, gambling, drug crimes, smuggling, and trafficking in women and children. Yang Hui, Chairman of Cloud Account, is also a member of the National Committee of the Chinese People's Political Consultative Conference. Since 2021, Cloud Account has accepted six annual research projects commissioned by the Supreme People's Court, the Supreme People's Procuratorate, and the National Audit Office.
DFX Labs: Executives from BGE and HashKey
DFX Labs Company Limited is a professional virtual asset service provider based in Hong Kong, established on May 2, 2023. Simon Au Yeung, Chief Operating Officer of DFX Labs, graduated from the Wharton School. Previously, he served as the CEO of Blockchain Finance and BGE. The company's CTO, David Hui, previously served as the technology leader of HashKey Group.
Bixin.com: Well-established cryptocurrency company
NewBX Limited is a private limited company registered in Hong Kong on August 2, 2019. Its parent company is Bixin Group, and the Bixin.com platform, formerly known as HaoBTC, was established in 2014 and is one of the well-established cryptocurrency exchanges. Bixin Group's current business covers mining machine research and development, mining operation, custody wallet, MPC wallet, hardware wallet, trading platform, public chain, venture capital, and more. Its founder, Wu Gang, started to get involved in Bitcoin in 2009 and is a veteran Bitcoin player.
xWhale: Backed by Sina's Huasheng Capital
Thousand Whales Technology (BVI) Limited was established in Hong Kong on April 11, 2022, and is a virtual asset exchange invested by Huasheng Capital Group under Sina, along with Longling Capital and Vcredit (HKG: 2003). Longling Capital is an equity investment company founded by the well-known angel investor Cai Wensheng.
YAX: Incubated by Tiger Brokers
YAX (Hong Kong) Limited was established on March 16, 2023. The platform behind the company is the global cryptocurrency trading platform YAX, providing virtual asset trading, custody, and other services. YAX is a platform incubated by Tiger Brokers, which has received support from the smartphone manufacturer Xiaomi.
Bullish: Subsidiary of EOS developer Block.one
Bullish (GI) Limited is a company established by Block.one, mainly operating the Bullish exchange. Block.one is a company that develops and supports the EOSIO open-source software. The Bullish exchange has received support from Block.one and its investors, and received funding injection, including 200,000 EOS, at its launch.
Crypto.com: Singapore-compliant exchange
Foris DAX HK Limited is a cryptocurrency trading company registered in Hong Kong, established on August 22, 2018. The platform behind the company, Crypto.com, is a cryptocurrency exchange based in Singapore. It currently has over 100 million users and has obtained a MAS license in Singapore.
WhaleFin: Backed by Temasek, Sequoia, and others under Amber
Whalefin Markets Limited is a company headquartered in Hong Kong, focusing on providing cryptocurrency and digital asset trading and management services. The company operates a digital asset platform under Amber Group, which was established in 2017 and is headquartered in Hong Kong. The company focuses on digital wealth management and cryptocurrency liquidity solutions, providing comprehensive products and services to high-net-worth investors and institutions, including trading, asset management, consulting, and research. In February 2022, Amber Group secured a $200 million investment led by Temasek, with participation from Sequoia China, Pantera Capital, Coinbase Ventures, and Tiger Global Management.
Matrixport HK: Platform under Wu Jihan
Flying Hippo Technologies Limited was registered on May 22, 2019, and is headquartered in Wan Chai, Hong Kong. Its parent company, Matrixport, is a Singapore-based blockchain financial services platform founded in 2019 by Wu Jihan. The company manages assets exceeding $10 billion and has a monthly trading volume of over $5 billion.
Platforms still on the application list: 6
BGE: Major shareholder may be the son of "King of Gambling" in the high seas
Hong Kong BGE Limited is a wholly-owned subsidiary of HKE Holdings Limited, a company listed on the main board of the Hong Kong Stock Exchange (stock code: 1726). Its main business includes providing Software as a Service (SaaS) solutions, brokerage services, automated trading platforms, and insurance custody services, specifically targeting institutions and professional investors. Its parent company, HKE, is active in multiple business areas, particularly in financial technology and digital asset services. In recent years, the company has focused on expanding its digital asset and blockchain platform business. The application for a virtual asset exchange does not seem to have brought much stock price stimulation to the company. As of early June 2024, the stock price of HKE Holdings Limited has fallen by approximately 5.85% since the beginning of the year. Its Chairman, Ho Man Lin, is the current Vice Chairman and Executive Director of the Hong Kong Volunteer Association Limited, Chairman of Hong Kong Telecom Holdings Limited, Chairman of Wing Wing International Limited, Vice Chairman and Secretary-General of the Youth Inspiration Fund, Executive Director of the Donghua Group Hospital Group, Executive Director of the Hong Kong Youth Association, and a member of the All-China Youth Federation. HK BGE has hired Thor Chan as CEO, who was the former CEO and co-founder of the now-defunct cryptocurrency exchange AAX. The market value of HKE Holdings is approximately 2.3 billion RMB, and the Chairman and major shareholder of the company is Lian Haomin. There is speculation that he is the son of Lian Zhuozhao, known as the "King of Gambling" in the high seas, but this has not been confirmed.
HKVAX: Founded by CITIC Futures and HSBC executives
Hong Kong Virtual Asset Exchange Limited was established in 2019 by local entrepreneurs in Hong Kong. The company plans to introduce new product categories such as Security Token Offerings (STO) and invest in Web3 opportunities. HKVAX's business includes providing over-the-counter (OTC) brokerage services for professional investors, institutional-grade trading platforms, and asset custody services with 100% insurance coverage. The company's official website states that it has received provisional approval from the Securities and Futures Commission (SFC) to conduct regulated activities of type 1 (securities trading) and type 7 (providing automated trading services). Co-founder Wu Weiliang was previously the Managing Director of the International Department of CITIC Futures. Co-founder Huo Zhaoliang was previously the Head of Anti-Money Laundering Compliance at HSBC Bank in Hong Kong and Asia.
VDX: Subsidiary of Victory Securities in Hong Kong
Victory Fintech Company Limited was established on August 5, 2021, and its parent company is Victory Securities in Hong Kong. In 2018, Victory Securities established the VDX team, specializing in the development of digital currency trading systems. The company's directors include Gao Juan, the Chairman of the Hong Kong Securities Industry Association. It holds licenses from the Securities and Futures Commission for type 1 (virtual asset trading), type 4 (virtual asset advisory services), and type 9 (virtual asset asset management services). VDX co-founder and Chief Business Officer Zhou Lele stated that after obtaining the SFC license, the revenue brought in by VDX is expected to account for 20% of Victory Securities' revenue within three years.
bitV: Involved in launching a HK$1 billion Hong Kong Bitcoin ETF liquidity fund
HighBlock Limited is a company headquartered in Hong Kong, established on October 27, 2023, with limited public information available. In May of this year, the company jointly launched a HK$1 billion Hong Kong ETF liquidity fund with LD Capital and Antalpha Ventures.
HKX: Platform under Web3 Crypto Banking Services
hi5 (Hong Kong) Limited is a private limited company established on October 28, 2019, headquartered in Hong Kong. Its parent company is hi.com, a platform engaged in Web3 crypto banking business, co-founded by Sean Rach, former Chief Marketing Officer of Crypto.com. hi.com has over 120 employees in offices in Asia and Europe, with over 3.5 million registered users. The hi.com platform has issued the $HI token, currently valued at approximately $2.4 million.
Bitcoinworld: Subsidiary of Hong Kong-listed Metaverse Company
Bitcoin World Technology Limited is a wholly-owned subsidiary of BYTE META (08645.HK) and has obtained type 1 and type 7 licenses. BYTE META, formerly known as Mi Chong Metaverse, was renamed in 2024. In August 2023, its subsidiary Mi Chong Internet Network (Wuhan) Co., Ltd. was reportedly involved in a suspected pyramid scheme and had its assets frozen by the court.
Regarding the current situation of licensing by the Hong Kong Stock Exchange, Legislative Council member Qiu Dagen commented, "Most of the remaining applicants are relatively small in scale, some lack industry experience, and some are traditional financial institutions attempting to enter the virtual asset trading platform (VATP) business without deep cultivation in the Web3 field. Under strict regulation, many industry insiders are concerned that even if operators are granted licenses, it will be difficult for them to sustain profitability."
In response to the market's speculation about many native cryptocurrency platforms applying for Hong Kong licenses, Weng Xiaoqi, CEO of the licensed Hashkey Exchange, revealed to the media that many responsible individuals who withdrew their license applications expressed disappointment to him. Weng Xiaoqi believes that "the root cause behind this situation, according to market observation and evaluation, is that the Securities and Futures Commission may not have enough manpower to conduct comprehensive reviews of all Native Web3 institutions. Optimistically, after setting the risk control level, regulation will enter a new stage. Now, the 'prudent development' phase of the 'prudent period' is ending, entering a development period." In addition, some trading platforms that have withdrawn their applications have stated that they are currently undergoing rectification and plan to resume operations in Hong Kong after obtaining licenses in the future.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
